the visible hand

it is the theory which decides what can be observed – einstein

Lehman fallout hits money market fund

Posted by ecoshift on September 17, 2008

FT.com / Companies / Financial services – Lehman fallout hits money market fund
By Joanna Chung in Washington
Published: September 17 2008 09:57

Reserve Primary Fund on Tuesday became the first money market fund in 14 years to expose investors to losses as the fallout from Lehman Brothers’ bankruptcy spread to an investment class considered to be among the safest.

The Primary Fund, which had invested about $785m in debt securities issued by Lehman Brothers, suffered losses that forced the net value of its assets below $1 a share to 97 cents, according to Reserve Management Company, which manages the fund.

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