Bogleheads:Anniversaries/September 16

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September 16:

  • 2008 - Reserve Primary Fund, the first money market fund created in the United States, holding $785 million of defaulted Lehmann Brothers commercial paper, announced that, due to the default, the net asset value of the money fund had broken the 1.00 net asset value mark and was now valued at 0.97. Over the next four days investors withdrew $23 billion and made redemption requests of $60 billion from the $62 billion dollar fund. The disbursement of remaining assets in the fund to shareholders took over two years to complete. Source: The 2008 money market crisis
September Anniversaries
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