First, normal bankruptcy rules don’t apply to repos. Second, much repo financing flows into large risk-taking financial firms like MF Global, Lehman, and Bear Stearns through money-market funds, which must invest very short-term, because their depositors want immediate liquidity.
金融界的游戏规则把回购协议融资置于比其他融资更优先的地位，多德-弗兰克法案并没有修正这一问题。首先，普通破产规则不适用回购协议债务。其次，大量回购协议融资通过货币市场基金（此类基金必须进行极短期投资，因为其储户要求即刻的流动性）流入了曼氏金融、雷曼和贝尔斯登等大型风险承担金融公司。