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The hosts stand to benefit from the funds' capital.
(Such information is available at www.morningstar.com and from the funds).
It is unclear how much money will ultimately be withdrawn from the funds.
In the same period a year ago, investors removed $8.8 billion from the funds.
"How many electoral campaigns were partly financed from the funds?" Mr. Jean-Pierre asked.
But even if conditions worsened, it could cut distributions from the funds (remember, shareholders are locked in).
The industry grew increasingly opposed to these efforts, saying they would lead to a mass exodus from the funds.
He said one trend he had seen was active management moving from the funds themselves to financial advisers.
Second, there are performance-based fees and the firm's slice of profit from the funds it manages and invests in.
Amazingly enough, Mr. Madoff had allowed some customers to borrow more than $8 billion from the funds at low cost.
The bold stroke of guaranteeing the money-market funds stopped the panic and halted withdrawals from the funds.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com