A year ago, people getting laid of or even changing jobs in large numbers almost never happened in the money market mutual fund business. Now, however, it seems there are new departures, and arrivals, almost daily. (See Crane Data’s “People” News page at: http://www.cranedata.com/news/people/.) We’re starting to get requests for job openings and information, so I wanted to open up a blog discussion that might be helpful to those in transition.
While large losses, even when only on paper, usually call for people’s heads, it’s normally not a fair or rational process. Companies that urged their managers on and approved every transaction and credit, now turn around and act as if they had no idea.
I argue that, with money market mutual funds, nobody is to blame. No one did anything wrong. Even the highest-octane SIV or extendible commercial paper was perfectly safe. Only a thousand year storm could threaten these securities, and it’s silly to protect against such low odds. Better to self-insure and pick up the pieces than to become so conservative as to remove risk-taking entirely.
Anyway, please feel free to post, or let me know if you’re a job seeker. I’d also be happy to put up positions open and positions wanted news and requests on the site (http://www.cranedata.com) and in Money Fund Intelligence. Best of luck to those on the market!
This blog would be a lot easier to read if you did not right-justify the text.