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.