by Bill McBride on 9/16/2008 05:35:00 PM
Tuesday, September 16, 2008
From MarketWatch: Money market giant freezes redemptions
One of the ... largest money market funds has put a seven-day freeze on redemptions after the net asset value of its shares fell below $1. Primary Fund [from The Reserve] ... $62 billion fund ... the value of the fund's share is 97 cents.This is because of investment in Lehman bonds. I suspect this will be more common if AIG fails.
Posted by Bill McBride on 9/16/2008 05:35:00 PM