Word: bucks
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...Sept. 16 a money fund marked its net asset value below $1 - sacrilege for an investment meant to be the same as cash. After the Reserve Primary Fund "broke the buck" because of debt it held that was issued by the now-bust investment bank Lehman Brothers, institutional investors scrambled to withdraw their money. Sept. 18 brought additional worries: Putnam Investments said it would be shutting down one of its money market funds, and the ratings agency Moody's warned it might downgrade 13 of Lehman's funds. (Lehman's asset management subsidiary was not part of the bankruptcy...
...talk about Reserve Primary Fund, which was the first of three funds at Reserve Management to break the buck. What Reserve announced was that because of investments in Lehman IOUs, it was worth 97 cents per share instead of a dollar. In other words, it was down by 3%. Not worthless. Down by 3%. Let's keep that in mind...
...having to mark down its fund. We can say that because that's what big, multi-faceted money managers have been doing. According to Crane Data, over the past 13 months, 21 money market funds have received capital infusions from their parent companies in order to avoid breaking the buck. Parent companies can go as far as actually handing the funds cash and take the troubled assets onto their own books. The early problems were tied to commercial paper issued by mortgage-related structured investment vehicles and collateralized debt obligations (don't worry: there won't be a quiz...
...there was an event in the normally unexcitable world of money-market funds. Because of a loss on Lehman debt, a money fund marked its share value below $1--sacrilege for an investment meant to be akin to cash. A mass redemption followed. If more money funds "break the buck," you may be tempted to move to FDIC-insured accounts. Just keep in mind that they might yield less, and only one money market has ever been liquidated...
...five poses that Viola does. (Susan smiles awkwardly and raises her shoulders). Now we’re going to take it away from heroines and we’re going to go to animals. Let’s do Jack London, White Fang. Go. (Susan shrugs again) Pearl S. Buck, The Good Earth. You’re mining the fields of rice. Girl, you know Harvard is going “Oh Lord, she’s embarrassing us right now.” Susan (voice over, as she walks the runway in a turquoise bikini): I am talking...