Posted on 09/17/2008 4:51:17 PM PDT by Kozman
Wachovia Corp. said three money funds offered through its money management subsidiary Evergreen Investments did have exposure to Lehman Brothers, which filed for bankruptcy Monday. The funds are Evergreen Institutional Money Market Fund, with 1.94 percent of total assets held in Lehman debt as of the close on Friday, before Lehman's collapse; Evergreen Money Market Fund, with 1.66 percent; and Evergreen Prime Cash Management Fund, with 0.97 percent.
Yesterday, the oldest money market mutual fund in the country said its $64 billion Reserve Primary Fund "broke the buck", i.e. traded below $1.00, because of Lehamn debt securities it held that had to be marked down to zero. The fund also froze all redemptions for seven days...
(Excerpt) Read more at economicpolicyjournal.com ...
I’m working up the guts to check on my retirement account.
Contagion.
Take an aspirin before you check. I took deep breathing exercise before hitting the button.
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