Saving money - If you hold money market accounts, you must read this

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If you hold money market accounts, you must read this

Friday, September 04, 2009
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From Newsmax:

Money funds, once considered a safe place to park cash, could become moderately risky again when the government program hastily initiated last year to guarantee money fund deposits expires on Sept. 18.

In 2008 the colossal Reserve Primary Fund, with $62.5 billion in its portfolio "broke the buck" when Lehman Brothers defaulted on $785 million in bonds which the fund held. Investor redemptions skyrocketed.

This prompted then Treasury secretary Henry Paulson's unprecedented intervention to protect all money market assets, approximately $3.5 trillion, and thus avert a panic, writes Joe Nocera in The New York Times.

Read full article...

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