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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 ...
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 Primary was especially vulnerable due to its lack of a parent company that might be able to ...
Dudley proposed a "Maiden Lane type vehicle" that he explained to Valukas would hold $60 billion of Lehman's illiquid assets, supported by $5 billion of Lehman equity and $55 billion in financing ...
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 ...
If a fund's NAV drops below $1.00, it is said that the fund "broke the buck". [8] For SEC registered money funds, maintaining the $1.00 flat NAV is usually accomplished under a provision under Rule 2a-7 of the 40 Act that allows a fund to value its investments at amortized cost rather than market value, provided that certain conditions are ...
In the book and your coverage in The New York Times since, it's clear you think Lehman should have been bailed out. Yes, but it's unclear to me that it could have been saved -- that's one of the ...
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 ...
As part of his wide-ranging investigation into the collapse of Lehman Brothers Holdings, bankruptcy examiner Anton Valukas focused a lot attention on the business Lehman Brothers did with all the ...