US Gov't now business lender, investment backer of last resort

The Federal Reserve offers to buy corporate commercial paper Fidelity and Vanguard sign up for government money market mutual fund insurance.

by Joseph N. DiStefano

Published Oct. 7, 2008, 10:31 p.m. ET

The Fed steps in to buy commercial paper ("checking accounts for business") after privately-owned banks won't do the job. Chris Isidore of CNN tells the story at

http://money.cnn.com/2008/10/07/news/economy/fed_commercial_paper/?postversion=2008100721

Vanguard Group of Malvern and Fidelity Investments of Boston beat the deadline and apply for U.S. Treasury temporary insurance for money-market mutual funds. Story at

http://www.reuters.com/article/bondsNews/idUSN0748492820081007