Major Money Market Fund Halts Redemptions - "breaks the buck"

For anybody who happens to think that a Money Market Fund is somehow the same as money in the bank, this one's going to be a bit of a shocker.

[quote]Sept. 16 (Bloomberg) -- Reserve Primary Fund became the first money-market fund in 14 years to expose investors to losses after writing off $785 million of debt issued by bankrupt Lehman Brothers Holdings Inc.

The fund, whose assets plunged more than 60 percent to $23 billion in the past two days, said the Lehman losses forced the net value of its assets below $1 a share, known as breaking the buck. Reserve Primary, the oldest money fund in the nation, fell to 97 cents a share and redemptions were suspended for as long as seven days.
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This is a companion discussion topic for the original entry at https://peakprosperity.com/major-money-market-fund-halts-redemptions-breaks-the-buck-2/