From the Cambridge Academic Content Dictionary comes a reasonably good definition for elephant in the room: "An obvious problem that nobody wants to discuss". It seems a near-perfect description of the situation facing money fund providers, and their investors, today. The elephant in question is the fundamental disconnect between the two major camps of money fund providers on how to ensure that money fund investors don’t feel obligated to run for their exits when the next financial crisis hits.
The two camps in question are
1) The mainly stand-alone fund businesses that typically focus solely on money market mutual funds and other mutual funds
2) The much larger diversified financial services entities that also offer money funds
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