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Discussion in 'Political Discussion' started by PatriotsReign, Sep 17, 2008.

  1. PatriotsReign

    PatriotsReign On the Roster

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    Money Market Fund Breaks $1, Suspends Withdrawals


    "Bloomberg is reporting Reserve Money Fund Falls Below $1 a Share, Delays Withdrawals

    Reserve Primary Fund, the oldest U.S. money-market fund, became the first in 14 years to expose investors to losses after writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.

    Shareholders pulled more than 60 percent of the fund's $64.8 billion in assets in the two days since Lehman folded. Losses on the securities firm's debt forced the fund to break the buck, meaning its net asset value fell below the $1 a share price paid by investors, New York-based Reserve Management Corp., its closely held owner, said yesterday in a statement. Redemptions were suspended for as long as seven days.

    Assets in money-market funds, considered the safest investments after cash and bank deposits, rose to a record $3.59 trillion this month as stock and commodity markets fell."


    Mish's Global Economic Trend Analysis
  2. MrSparkle

    MrSparkle Rookie

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    When do they start trading in Ameros [​IMG]
    Last edited: Sep 17, 2008
  3. weswelker#83

    weswelker#83 Rookie

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    There are two different types of Money Markets, one is backed by the FDIC, the other is not. VMPXX is a great fund and your best friend right now.

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