[dragontamer]

Look man, I've lived through 2007 / 2008 when the money market funds broke the buck.

I know that even a portfolio consisting of nearly exclusively treasuries can still decline in value. That's all I'm saying. Banks, even with their high quality debt instruments, aren't immune to the effects of a bank run.

The value of those short term notes still climbs up and down daily on the market. With a big enough decline, issues can arise.