Industry lobby won today. Now it falls on the Fed to do the right thing.
remember this day - a historical evidence that private business always put their own interest before the stability of the entire system. And this is the exact reason why we need strong institutions. Don't let those libertarians tell you that government should always be as small as possible. Those comments are self-serving at best.
To me, disclosing NAV is nothing more than telling the truth. Saying NAV will never break the buck is a lie, and institutional investors know it. That is why the savvy investors pulled their money out of Reserve Primary before unwitting retail investors could.
Facing vested interest at a sum of $2.6 trillion, even telling the truth can not muster enough vote. That is the tradedy of the day. I hope retail investors are paying attention. Market rules aren't always fair. And if you don't have the resources or the time to monitor quickly changing situations, you can be left to hold a stinky bag of bad assets, sold to you as " as safe as a bank deposit".
http://www.sec.gov/news/press/2012/2012-166.htm
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