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When the Reserve Primary money fund broke the buck in 2008 following Lehman’s collapse, it was a watershed, signaling that treasurers should look more closely at the holdings of their money funds. “Normally, we’d do a monthly review of our well-diversified money market holdings with our CFO,” says Matthew Post, treasury manager at Qualcomm, the San Diego-based wireless chip manufacturer, which did not invest in the Reserve Primary fund. But with markets imploding, Post says, “It became almost a daily request: ‘What are our exposures? What should we be worried about?’”

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