Reserve Primary Fund: A Money Market Nightmare

Discussion in 'Wall St. News' started by nkhoi, Nov 10, 2008.

  1. nkhoi

    nkhoi Moderator

    November 03, 2008 01:49 PM ET | Katy Marquardt

    "The Reserve Primary Fund, which violated the sacred code of money market funds in September when it "broke the buck" (more on that here), is now distributing checks to shareholders. Each investor is getting back only 50 percent of their current account balance. The president of Reserve Management—the fund's adviser—said this is an initial step in the process of liquidating the fund and that they're "committed to making future distributions when more cash becomes available."
    http://www.usnews.com/blogs/new-money/2008/11/3/reserve-primary-fund-a-money-market-nightmare.html