And it makes an interesting catch on money-market king Reserve Primary Fund, which “broke the buck” after Lehman’s collapse:

In the fund’s 2008 annual report, Bent promised to bore investors to sleep. Those same investors woke with alarm on Sept. 15.

I’m looking forward to the next three installments.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.