The evening of Sept. 15, 2008, was the worst of Bruce Bent II's career. Panicked investors, who woke up that Monday morning to news of Lehman Brothers' bankruptcy, had yanked billions of dollars out of the money-market fund Mr. Bent ran with his father, money-market fund inventor Bruce Bent Sr. The business the Bent family had dedicated their lives to, Reserve Management Co., faced disaster if the run on their fund continued.
Breaking The Buck: Inside The Reserve Fund's Collapse