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The clear forward-looking message: Breaking the buck will also pass it, at least away from the FDIC.
FORBES: Breaking The Buck And Passing It, Too
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This is the first time that a mutual fund is in the position of "breaking the buck" for individual investors.
NPR: Lehman Fallout Hits Money Market Fund
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Through a spokesperson, Bent indicated that he did not wish to speak about his fund breaking the buck or his latest innovation to tap into retirement accounts.
FORBES: Magazine Article
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To be clear, I am not suggesting that any fund breaking the buck will cause a destabilizing run on other money market funds it is possible that an individual fund could have a credit event that is specific to it and not trigger a broad run only that policymakers should recognize that the risk of a destabilizing run remains.
FORBES: Move up http://i.forbesimg.com t Move down
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Following a prominent fund's "breaking of the buck"--that is, a decline in its net asset value below par--in September, investors began to withdraw funds in large amounts from money market mutual funds that invest in private instruments such as commercial paper and certificates of deposit.
FORBES: The Crisis and the Policy Response
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On top of all this, the FDIC and other bank regulators recently issued a policy statement declaring that banks, which hold about one-third of money market assets, should not "create an expectation that the bank will prop up" their own money market funds in the event of a breaking-the-buck incident.
FORBES: Breaking The Buck And Passing It, Too
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But he got some help when Buck made a tough, backhand pickup of a breaking ball in the dirt and threw out Span trying to scamper to second.
WSJ: Werth overanxious as Nationals lose to Mets 2-0