3. Fidelity Investments and Federated Investors ( FII) (Money Market Funds) Tighter regulation of money market funds seemed like it would be a slam dunk after the $62 billion Reserve Primary Fund "broke the buck"--meaning it caused investors in the fund to lose money--in 2008. Top regulators on both sides of the aisle subsequently called for reforms of the industry. Even BlackRock Inc. ( BLK)--one of the largest money market fund managers in the U.S., was open to reform. However, resistance from much of the rest of the mutual fund industry, led by Federated and Fidelity, staved off a rule proposal from Securities and Exchange Commission Chairman Mary Schapiro that would have addressed important regulatory gaps. "In particular the one that's the biggest travesty is the money market mutual funds because there was a very good proposal on the table that would have made a difference and that was shot down," says Yale's Metrick.