breaking the buck

Bloomberg: Reserve Primary Money Fund Falls Below $1 a Share

Reserve Primary Fund became the first money-market fund in 14 years to expose investors to losses after writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.

The fund, whose assets plunged more 60 percent to $23 billion in the past two days, said the Lehman losses forced the net value of its assets below $1 a share, known as breaking the buck. Primary Reserve, the oldest money fund in the nation, fell to 97 cents a share and redemptions were suspended for as long as seven days.

• 安全な資金逃避先と見られてきたMoney Marketの一つ、Primary Fundが、額面$1割れを起こした。
• 14年ぶりの「大事件」
• Marketwatchの記事では、Primary Fundが「解約を一週間停止する」ことを伝えている。

銀行の普通預金並に「安全」と考えられているMoney Market。すぐに必要な資金を預けておくような場所。そのMoney Marketが「一週間おろせません」と言ってきたらどうする？　

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