Losing money where money never has been lost before
As I walked off the elevator this morning, a photographer looked up and greeted me with a hearty “The economy is really messed up, huh?” To which, I smartly replied, “Pretty much, yeah.” That’s just the kind of snappy repartee we mainstream media types engage in here at the dark tower.
But here’s something that demonstrates that maybe I know what I’m talking about — a money market fund that has lost money. Just when you think things can’t get any more “messed up,” they go and do.
The fund said that because the value of some investments had fallen, customers now have only 97 cents for each dollar they had invested.
This is only the second time in history that a money market fund has “broken the buck” — that is, reported a share’s value was less than a dollar.
My favorite part is the last graf: “We’re really in uncharted territory here,” said Peter Crane, the president of Crane Data, a fund industry newsletter.
You said it, Pete.
Don Mecoy
Business Writer
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