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Several money funds and institutional cash funds had significant exposure to Lehman with the institutional cash fund run by The Bank of New York Mellon and the Reserve Primary Fund, a money market fund, both falling below $1 per share, called "breaking the buck", following losses on their holdings of Lehman assets. In a statement The Bank of ...
By early 2008 asset-backed and financial-sector commercial paper made up 56% of its portfolio. The September 15, 2008 bankruptcy of Lehman Brothers raised concern about Reserve Primary's holdings of Lehman-issued paper, which then made up 1.2% of its portfolio, as well as its other financial-sector paper. Among money market funds, Reserve ...
According to bankruptcy examiner Anton Valukas, the seeds of Lehman's Sept. 15, 2008, bankruptcy were sown in 2006, aggressively fertilized throughout 2007 and 2008's first two quarters, and ...
On Sept. 11 -- right before the "Lehman Weekend," the final government push to save Lehman -- Fuld was surely further heartened by Geithner's and Baxter's request that Fuld resign from the New ...
The Reserve Primary Fund "broke the buck" as a result of its exposure to Lehman Brothers securities. [ 126 ] September 17, 2008: Investors withdrew $144 billion from U.S. money market funds , the equivalent of a bank run on money market funds , which frequently invest in commercial paper issued by corporations to fund their operations and ...
Apparently, Lehman had to route Repo 105 transactions through a British affiliate because no law firm in the United States would offer a legal opinion on the accounting treatment Lehman wanted to use.
In order to meet increasing redemptions, the fund was forced to sell a certificate of deposit at a 3% loss, triggering a restatement of its NAV and the first instance of a money market fund "breaking the buck". [11] The Community Bankers US Government Fund broke the buck in 1994, paying investors 96 cents per share.
It was while he was working at Morgan Stanley that McDonald was offered a job as vice-president at Lehman Brothers. [2] The book characterizes Richard Fuld as being out of touch, smug, and a ruthless CEO with a short temper and a penchant for rage. [3] The book sarcastically refers to Fuld as "his majesty," "god-like," and a "spiritual leader." [4]