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Registered
Join Date: Jan 2002
Location: Nor California & Pac NW
Posts: 24,863
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The buck break was in a formerly $62BN money market fund that apparently was used by institutional investors and held $800MM of LEH debt that it has now marked down to zero.
Investors started pulling money out of the fund, yanked 60% out between Sunday and today per some reports. Presumably the investors were watching the fund's assets, saw the LEH exposure, and fled. The fund manager is not a big shop, so lacked sufficient assets to make up the difference.
I confess I've checked my money market funds' holdings, and didn't find any LEH (or AIG for that matter) holdings.
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1989 3.2 Carrera coupe; 1988 Westy Vanagon, Zetec; 1986 E28 M30; 1994 W124; 2004 S211
What? Uh . . . “he” and “him”?
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