A little codicil to the financial turmoil of late - Life is strange...
Sep. 17th, 2008
05:17 pm - A little codicil to the financial turmoil of late
Along with Lehman, AIG, et alia, something else of note has happened. You know about money market funds? They're supposed to be conservatively managed and almost as safe as cash? Well, today we had another reminder that they're not exactly as safe as cash. From the SF Chronicle today:
A $62 billion money market fund — Primary Fund from Reserve — on Tuesday saw its holdings fall below its total deposits, a condition known as "breaking the buck" that hasn't happened to a money market fund since 1994, Rosenberg said.Cheers! generalist