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At Least 10 Fund Companies Sign Up for Money Market Guarantee
Tweet Share on Facebook October 2, 2008 Comment (8)So far, more than 10 mutual fund companies are signed up for the Treasury's $50 billion guarantee program for money market funds, including BlackRock, Charles Schwab, Dreyfus, Evergreen, Federated, First American, Invesco AIM, JPMorgan Chase, Morgan Stanley, Putnam, TCW, and Legg Mason's Western Asset Management. Other fund companies are expected to sign on before the deadline today, according to the New York Times.
The program, which is open to all publicly offered U.S. money market funds that pay a fee to participate, insures investors' holdings for three months, although it may be extended through Sept. 18, 2009, according to the Treasury.
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Sarah Palin: 401(k) Takes a Nose Dive
Tweet Share on Facebook October 1, 2008 Comment (2)Referring to herself as a "Joe six-pack American," Sarah Palin estimated that her family has lost $20,000 in the stock market in the past week.
According to state financial disclosure forms filed in March (reported in the Boston Globe), the Palins had about $164,699 in a private investment account and $198,102 in a separate retirement account. For more on Palin's finances, check out this Washington Times story, which mentions the Palins' combined income (nearly a quarter-million dollars), the reported value of their home ($552,100), and other assets (a single-engine plane, two boats, and two personal watercraft).
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Google's Out-of-This-World Stock Drop a Fluke
Tweet Share on Facebook October 1, 2008 Comment (7)An odd thing happened before the stock market close yesterday. Google's stock was mostly flat all day, until 3:57 p.m., when it dropped severely. The shares, which opened Tuesday at $419.51, rose to a high of $423.51, then mysteriously plunged roughly 10 percent to $341.43 just minutes before the closing bell.
It turns out that the stock's drop was the result of erroneous trades sent from another exchange, according to a Nasdaq spokeswoman (via Dealbook).
