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Going Public: My Adventures Inside the SEC and How to Prevent the Next Devastating Crisis by Norm Champ

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CHAPTER6

BREAKING THE BUCK ALMOST BREAKS MY BACK

Success is not final, failure is not fatal: it is the courage to continue that counts.

—Winston Churchill

When Mary Schapiro asked me to be the director of IM, she could not have predicted that one month later the commissioners would devolve to bitter finger-pointing over how to protect the money market mutual fund industry that had nearly crashed and burned billions of investor dollars in 2008. My predecessor at IM had circulated a policy proposal on new rules for these funds earlier in the summer of 2012. Soon after taking the director job, I learned that the proposal included measures to reform money market mutual funds that would make them more like savings accounts at your local bank than ...

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