Say government $50 billion backstop makes funds more attractive — and makes it tougher for banks to attract deposits.
Adding to sweeping government actions announced to alleviate the financial crisis, Treasury Secretary Henry Paulson Jr. this morning proposed new measures aimed at buying bad mortgages and distressed debt.
Hedge funds and other large investors would have to disclose their short positions under an emergency rule asked for by Securities and Exchange Commission Chairman Christopher Cox.
The BNY Mellon’s $22 billion Institutional Cash Reserves fund (ICRF) “broke the buck,” falling in value to $0.991 per share on Sept. 16, Bloomberg reported today.
More than 77% of 1,003 advisers who responded to an <i>InvestmentNews</i> survey over the past 36 hours fear the news coming out of Wall Street is likely to get worse before it gets better.
A ban on the short-sale of financial stocks put into effect today by Britain’s Financial Services Authority today was criticized by the U.S. trade group that represents hedge funds.
The rocky financial markets of 2008 have taken a toll on hedge funds, with liquidations up and new fund launches down, according to the latest data from HFR Group LLC in Chicago.
Legislation that would set up the Office of Insurance Information within the Department of the Treasury has stalled in the House.
Putnam Investments today announced the shuttering of its institutional Putnam Prime Money Market Fund (PPMXX) as of 5 p.m. ET yesterday.
Housing starts fell 6.2% last month from July to a seasonally adjusted annual rate of 895,000 units. That is 33.1% below the figure reported in August 2007, according to a report that the Department of Commerce released this morning.
