Word: cashed
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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...
...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 on the terminology), but more recently four funds (at least so far) have propped...
...masses heard a short cash-money millionaire saturating the American airwaves this summer. Yet the pop crowd probably didn’t realize that the dreadlocked Lil’ Wayne has mounted the jewel in his hip-hop crown. “Tha Carter III” represents the culmination of the most dramatic hip-hop trilogy of recent memory. As far as content goes, Lil’ Wayne’s newest album doesn’t depart far from his traditional material. With sugary club hits like “Lollipop?...
...bust and continue to offer low-cost dwellings. "When we've had the opportunity to opt out, we've chosen to stay in," says Carbone, whose company has holdings in several states. "It doesn't mean we've forfeited a great deal of profit." He says with a strong cash flow, there is no need for Related to go out and raise money the way smaller firms might...
...Aberdeen Asset Management Asia in Singapore, the sell-off is providing a buying opportunity. Young's been trolling the markets for solid blue chips and conservative banks with strong balance sheets. "Now's the time to be buying - slowly," he says. "If people are selling because they need the cash, that's what we like...