[Pelham]

The run on money market funds occurred due to the failure of Lehman Bros on September 15th. The Reserve Fund, the original money market fund, was heavily invested in Lehman Bros paper and it “broke the buck” meaning its shares fell below a dollar. This was just more fallout from the collapse of the mortgage bubble. No conspiracy needed.

[OafOfOffice]

The run on money market funds occurred due to the failure of Lehman Bros on September 15th. The Reserve Fund, the original money market fund, was heavily invested in Lehman Bros paper and it “broke the buck” meaning its shares fell below a dollar. This was just more fallout from the collapse of the mortgage bubble. No conspiracy needed.

Are you talking about the 550 billion electronic draw down on banks last year? The one that put Obama firmly in the winners seat? And the one Paulsen went screaming to Bush he needed to plug the hole with a immediate cash infusion? TARP!

[wtc911]

My IRA is with Dreyfus. Six months ago I received a notice that only a certain dollar amount in MM was secure, iow, anything I had in MM above that number could be lost to me.

I turn 59 early this year. The date that I turn 59.5 I liquidate my IRA entirely.