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Money Market Fund Breaks a buck
Old 09-16-2008, 07:12 PM   #1
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Money Market Fund Breaks a buck

Now this is kind of interesting...



"<IMG class=pixelTracking height=1 width=1 border=0>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. "
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Old 09-16-2008, 07:25 PM   #2
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Quote:
Originally Posted by ejman View Post
Now this is kind of interesting...
I'll bet that's not how owners of this MMkt fund are phrasing it:

"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."

Money market fund breaks the buck, freezes redemptions
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Old 09-16-2008, 07:41 PM   #3
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For what its worth, I just took a fast look at vanguards MM fund holdings and didnt see anything thats rolled over or looks about to roll over or was otherwise icky.
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