Crane Data Subscribers
Columbia's Strategic Cash Liquidation Puts "Enhanced Cash" in Headlines. A flurry of stories appeared today on Friday's temporary halt in redemptions and yesterday's announcement of plans to liquidate the Columbia Strategic Cash portfolio, formerly the largest entrant in the "enhanced cash" sector. Once again, several media incorrectly identified the private placement bond fund as a "money market fund" or "cash" fund. Today's Wall Street Journal wrote, "A $34 Billion Cash Fund to Close Up". The New York Times wrote, "Mortgage Crisis Forces the Closing of a Fund". Bloomberg's story was "Bank of America to Liquidate $12 Billion Cash Fund". Reuters offered "Bank of America says closing enhanced cash fund". See Crane Data coverage -- Saturday's "More Enhanced Cash Troubles: Columbia StratCash Halts Redemptions", yesterday's "CNBC Gets It Wrong Again: Columbia Strategic Cash Not a Money Fund", and the new December issue of Money Fund Intelligence for more.
