November 14, 2007
Firms Bail Out Their Money Market Funds
Several investment firms -- including Bank of America, Wachovia, Credit Suisse, and Merrill Lynch -- have announced that they will bill bail out their money market funds that have suffered losses because of mortgage-related investments. Money market funds are considered to be ultra-safe investment vehicles that invest in short-term securities and maintain a NAV of $1 per share. Many investors consider them the equivalent of CDs, although money market funds are not FDIC-insured. NYTimes, Investor Safe Haven Becomes a Concern.
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