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Monday, December 10, 2007

CNBC Reports Bank of America Freezes $12 Billion Money Market

by Calculated Risk on 12/10/2007 11:25:00 AM

CNBC reports that Bank of America Corporation (BAC) has stopped redemptions on a $12 billion money market fund for Institutional investors called Columbia Strategic Cash portfolio. More when news is released ...

Note this is for institutional investors.

UPDATE: BAC denies "CNBC report that the fund had been frozen".

From Reuters: Bank of America says closing money market fund

The bank's Columbia Strategic Cash Portfolio fund, which has less than $11 billion in assets, has been closed to new investors, said Columbia spokesman Jon Goldstein.

Goldstein denied a CNBC report that the fund had been frozen, saying that clients were being offered the option of cash redemptions or of switching their assets into other Columbia-managed funds.