​ Barrage of Money Market Funds Buying Out or Shielding SIV Stories. Numerous stories on money market funds taking action to protect or remove their troubled SIV holdings hit today, including a front page one in USA Today, "​Money market funds at risk?". The article says Bank of America "​set aside $​600 million to cover potential losses in its [​Columbia] money market funds [$​300 million] and an institutional cash fund [$​300 million]," which is "not technically a money fund". (​We assume the latter is the mammoth $​40 billion plus Columbia Strategic Cash, or '​StratCash', an "​enhanced cash," "​3c-​7" private placement fund.) The article also clarifies that Legg Mason "​set up a $​238 million line of credit for two money funds" and "invested $​100 million to buoy an offshore money fund." The New York Times, on page 1 of the Business section, writes "​Investor Safe Haven Becomes a Concern. It reveals that Wachovia may end up suffering as little as $​5 million damage on its bailout, and "​perhaps nothing". (​The Times' chart incorrectly labels a surge in money assets as retail, but this should be institutional.) Associated Press writes, "​Money funds set aside cash for trouble but it'​s unlikely a fund will fail, observers say". AP'​s article says, "Peter Crane, president of Crane Data LLC, which tracks money market mutual funds, says he doesn'​t believe this will wind up hurting the average money market client." Finally, The Washington Times writes "​Firms prop up money-​market funds".

Your Name:
Your Email:
Recipient Email(s):

Use a comma or a semicolon to separate

Please retype symbols from the image:

Optional Message

Money Market News Archive