I actually had a money market fall below a buck (move, deal)

[mathjak107]

most of the time we tend to think of money markets as proxies for banks as although they can and do fall below on rare occassion but who actually knew someone who had a money market fall below a dollar?.... me me me..

thru david learner where i have an un-traded reit they also used a money market called the reserve fund.... luckily i only had a little over a hundred bucks in it from some dividends .

they were a 60 billion dollar money market who had about 1 million bucks in lehman paper.

the day after lehman failed they marked those assets to zero and fell to .97 cents a share... there was such a flood of redemptions requested that the company froze redemptions....

they allowed some of the money eventually to go thru at 1.00 but not all of it. they passed as much at a dollar as they could then held back for the court to decide how to deal with the drop below a dollar that was left. finally the courts approved a liquidation 2 weeks ago after freezing our money for 14 months. we will get about .99 cents on the dollar.....

now you know someone who actually lost a few bucks in a money market.


i feel sooooooooo special!

[Houston3]

I made $.77 last month....Does that count?..That's from making over $400.00 a month
....I need to move it. But where?

[mathjak107]

my pocket!