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Money funds and the credit crunch--whew!
There were a few scenarios out there that were really, really nasty. It's one thing when accredited investors take their lumps on hedge funds. But what if Ma and Pa started taking losses on their money market funds? Many money funds, which most people equate with cash, invested in SIVs. The fear not too long ago was that many would get burned; it hasn't really panned out, fortunately. More than a few banks have bailed out their funds. The mentality, rightly, was "anything to prevent breaking the buck." The political fallout would have been immense, but disaster was averted. The top consumer financial firms--the Vanguards and Fidelitys of the universe--will step in to prevent real customer account damage.
For more:
- here's a Fortune article
Related Articles:
Putting some numbers to the credit crunch
One way to play the credit crunch
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