Word: lehman
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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...
...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 up their money markets because of investments in Lehman...
...market’s downward spiral reflects a larger atmosphere of worry in light of the collapse and liquidation of Lehman Brothers and the sale of Merrill Lynch to Bank of America at the beginning of the week...
...Blackstone.” The relationship between Light and Schwarzman extends back to their first year at the Business School, when new faculty member Light taught a decision theory class taken by first-year student Schwarzman. After graduating from the Business School, Schwarzman worked at Lehman Brothers, where he rose to chair Lehman’s mergers and acquisitions committee before leaving to start Blackstone with former Lehman chief executive Peter G. Peterson in 1985 with a $400,000 balance sheet. As of June 30 of this year, Blackstone had a total of $119.4 billion of assets under management. Light...