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But when Ireland received its recent bailout, the International Monetary Fund ordered another 10 billion euros pumped into banks immediately, in part to hedge against a possible rise in mortgage defaults.
WALL STREET JOURNAL Japanese Money Fund Ordered to Halt Operations | Japan's Financial Services Agency suspended the operations of AIJ Investment Advisors, a money management firm based in Tokyo, after it was unable to account for much of $2.6 billion in pension funds under management, The New York Times reports.
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Latin America still winces at the painful humiliation of the World Bank and International Monetary Fund ordering austerity measures in the 1980s and 90s.
It is costed and funded, ordered and itemised, and will electrify anyone who is aroused by the high wild cry of accountancy.
They gather fund orders from individuals and retirement plan participants, matching the buy and sell orders, sorting them into large accounts and then submitting them to the appropriate fund family at the end of each business day.
After listening for almost an hour to his guest's discussion of the difficulties involved in keeping fund prices fresh and fund orders honest, Prof. Marco Avellaneda threw up his hands.
Still, building a system that can enhance the information the clearing agency collects about fund orders as they move through its network will not be easy, cheap or quick.
A mutual fund order from an employee in a 401(k) plan, for example, can travel from the plan sponsor to some recordkeeper and administrator hired by the plan's trustee.
But when a fund orders up 50,000 shares, it does.
Bear and other Wall Street firms were also found guilty of an even more egregious ripoff known as "late trading," or letting favored clients put in winning mutual fund orders after the day's price was set.
"Buy them with my funds," he ordered.
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