The move followed the emergency action announced yesterday by the Securities and Exchange Commission temporarily prohibiting short sales of shares of certain financial companies.
The Department of the Treasury announced today that for the next year, it will insure the holdings of any publicly offered eligible money market mutual fund that pays a fee to participate in the program.
Hedge funds and other large investors would have to disclose their short positions under an emergency rule asked for by Securities and Exchange Commission Chairman Christopher Cox.
The BNY Mellon’s $22 billion Institutional Cash Reserves fund (ICRF) “broke the buck,” falling in value to $0.991 per share on Sept. 16, Bloomberg reported today.
A ban on the short-sale of financial stocks put into effect today by Britain’s Financial Services Authority today was criticized by the U.S. trade group that represents hedge funds.
The rocky financial markets of 2008 have taken a toll on hedge funds, with liquidations up and new fund launches down, according to the latest data from HFR Group LLC in Chicago.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
Putnam Investments today announced the shuttering of its institutional Putnam Prime Money Market Fund (PPMXX) as of 5 p.m. ET yesterday.
Housing starts fell 6.2% last month from July to a seasonally adjusted annual rate of 895,000 units. That is 33.1% below the figure reported in August 2007, according to a report that the Department of Commerce released this morning.
MetLife Inc. has some $800 million in exposure to the now-collapsed Lehman Brothers Holdings Inc. and the just-rescued American International Group Inc. and is assessing the recoverability of those investments.
The nation’s oldest money market mutual fund, The Reserve Primary Fund (RPRXX), fell below $1 in net asset value yesterday because of its exposure to debt from Lehman Brothers Holdings Inc.
After a weekend of turmoil, shares of American International Group Inc. lost more than half their value in the first hour of trading.
Companies involved in the operation of toll roads, airports and seaports represent a new asset class, according to some industry experts.
Wayne Christian figured the registered representatives of Center, a small town in eastern Texas, could use a business boost. He also thought its pension funds and endowments, which fund scholarships, needed some new investment options.
Clearly, some mutual fund managers saw the writing on the wall.
As the market pushed Lehman Brothers Holdings Inc. into a fire sale last week, some financial advisers and registered representatives said they were sticking with Lehman's storied investment management division, Neuberger Berman, at least for now.
Lehman Brothers is verging on collapse, even as Bank of America is reportedly in talks to purchase Merrill Lynch and AIG hammers out its own rescue strategy.
Two new ETFs were launched during the month, bringing the total number of ETFs in the United States to 710.
