Word: perlis
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...much money was being withdrawn. The fund was going to be forced to dump a big block of its holdings, and flooding the market like that has the effect of driving down security prices - thereby driving down the value of the fund you want to keep at $1 per share. "The investors are almost as important as the investments here," says Peter Crane, money fund expert and CEO of Crane Data. "A full-blown run would be perilous." That's why the Treasury stepped in with its guarantee program - to help prop up the price of any money market that...
...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...
...That's more or less the deal secured by Temasek, a sovereign wealth fund in Singapore, when it invested in Merrill Lynch. It dumped $4.4 billion into Merrill last December at $48 per share, but a downside protection clause meant the firm would make money even if the stock plunged to $24. It did - and then some. By late last week, Merrill traded at just over $17 a share, increasing the pressure on CEO John Thain to do a deal. Over the weekend, he sold the firm to Bank of America in an all-stock transaction worth about $29 per...
Oluwadamilola O. Akinfenwa ’12, a native of the Houston suburb of Sugarland, had just wrapped up his first week at Harvard when Hurricane Ike started barrelling through Galveston Island and Houston on Friday. Akinfenwa found himself unable to contact his family when 110-mile-per-hour winds disabled most means of communication in and outside of the city. Not until Monday night did he finally get through to his family and hear they were safe. Southeast Texas may be almost 2,000 miles away from Cambridge, but for some Harvard students from the Lone Star state including...
...June 30, commodities markets dropped precipitously, by almost 30 percent, from their all-time highs—according to Dow Jones-AIG Commodity Index—potentially reversing some endowment gains. Much of this was due to a substantial fall in the price of oil, which peaked at $147 per barrel but has been trading closer to $100 in recent days...