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					                                   Re: Money Market funds are safe. Right?

Re: Money Market funds are safe. Right?

Source: http://newsgroups.derkeiler.com/Archive/Misc/misc.survivalism/2008−09/msg00910.html



       • From: Curly Surmudgeon <curlysurmudgeon@xxxxxxxx>
       • Date: Wed, 17 Sep 2008 20:15:33 −0700

On Wed, 17 Sep 2008 18:40:18 −0700, Winston_Smith wrote:


         http://www.foxbusiness.com/story/markets/industries/finance/money−market−fund−breaks−buck−freees−redem
         Money Market Fund Breaks The Buck, Freezes Redemptions

         NEW YORK −− One of the first and largest money market funds has put a
         seven−day freeze on investor redemptions after the net asset value of its
         shares fell below $1, in a rare instance in the fund industry of what is
         called "breaking the buck."

         Primary Fund (RFIXX) , a $64 billion fund managed by money market fund
         inventor The Reserve, said late Tuesday that its $785 million holding of
         Lehman Brothers Holdings debt has been valued at zero.

         As of 4 p.m., the value of the fund's share was 97 cents. The Reserve said
         that redemption requests received before 3 p.m. will be paid out at $1 a
         share.

         While Primary Fund's Lehman holding was small compared to the fund's
         overall size, the fact that it froze redemptions reflects a surge in
         redemption requests by investors.


Before returning your seats and tray table to their fully upright position
check to ensure that your seat cushion is a flotation device.

−−
Regards, Curly
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I Love Republicans, They Taste Just Like Chickenhawks
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