Thread: Breaking News

Is this one next?

Reserve's money fund 'breaks the buck'

The world's first money-market fund's $62B in assets fall below a safety benchmark due to soured investments in Lehman.

Last Updated: September 17, 2008: 2:55 PM EDT

BOSTON (AP) -- The assets of a money-market fund that held $62 billion three months ago have fallen below a safety benchmark intended to ensure investors who put money in can get it all back - just the second unsettling instance in which a fund has exposed investors to potential losses in the nearly four-decade history of money-market funds.
Reserve Management Co.'s announcement that its Reserve Primary Fund had "broken the buck" after its assets fell sharply because of soured investments in Lehman Brothers Holdings Inc. marked the first such investor exposure to money-market losses since 1994.
New York-based Reserve said the value of $785 million in debt securities issued by Lehman and held by the Primary Fund were written down to zero as of Tuesday afternoon - a consequence of Lehman's collapse and bankruptcy after the federal government failed to bail out the investment bank over the weekend.
Money-market funds normally maintain assets of at least $1 for every dollar invested in funds, and are supposed to return interest to investors in the form of dividends.
Money funds not backed by FDIC [more]
http://money.cnn.com/2008/09/17/pf/b...ion=2008091714

Now we are going to see some real serious trouble.

Originally Posted by James48843

Now we are going to see some real serious trouble.

Domino effect? or Nuclear fallout?

Originally Posted by James48843

Now we are going to see some real serious trouble.

Do NOT be fooled by the GREEN tomorrow...it will be just the fool's rallly be fore Friday. I hope I'm wrong....It's just this: I see no support for anything.

Originally Posted by Frixxxx

Do NOT be fooled by the GREEN tomorrow...it will be just the fool's rallly be fore Friday. I hope I'm wrong....It's just this: I see no support for anything.

Starting to agree.

BTW, I have never seen Cramer so bearish. He thinks we are heading down.

World Bank Under Cyber Siege in 'Unprecedented Crisis'
The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.

It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.

In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month.

In a frantic midnight e-mail to colleagues, the bank's senior technology manager referred to the situation as an "unprecedented crisis." In fact, it may be the worst security breach ever at a global financial institution. And it has left bank officials scrambling to try to understand the nature of the year-long cyber-assault, while also trying to keep the news from leaking to the public.

http://www.foxnews.com/story/0,2933,435681,00.html

BREAKING NEWS...


THE NEWS...is broken.

So is my TSP account balance.

Broke.

Originally Posted by James48843

BREAKING NEWS...


THE NEWS...is broken.

So is my TSP account balance.

Broke.

Thats right folks, you heard it here first !
Fair, Balanced, and Broke as Hell ! :toung:

http://www.atimes.com/atimes/Global_.../JK01Dj02.html

Cool! I might be able to completely bypass upgrading to Microsoft Vista after all!

Vista-free outlook for Microsoft
By Martin J Young

HUA HIN, Thailand - Microsoft has been touting its latest version of Windows this week and moved closer to dropping the much-derided Vista operating system by the wayside. Windows 7, expected in early 2010, will be built on Vista but, according to chief executive Steve Ballmer, it will be a lot better.Microsoft claims to have solved all of these glitches and is looking forward to Windows 7, while slowly pushing Vista under the rug.

Windows 7 is likely to be the operating system that Vista should have been

I managed to buy my first PC right when Win95 came out and upgraded direct to XP from there when could no longer update internet security software re WIN95. Now I may be able to go direct from XP to WIN7 when they roll it out. Cool!

Originally Posted by alevin

http://www.atimes.com/atimes/Global_.../JK01Dj02.html

I might be able to completely bypass upgrading to Microsoft Vista after all!

Cool!

For Microsoft, it's either 'get rid of Vista' or 'continue to allow Vista to be the best reason to give Apple a harder look' from a marketing standpoint. Vista should come packaged with blood pressure medication!

I wonder if those of us stuck with the reviled operating system will have to pay to upgrade to something that works?!

Lady

Originally Posted by XL-entLady

For Microsoft, it's either 'get rid of Vista' or 'continue to allow Vista to be the best reason to give Apple a harder look' from a marketing standpoint. Vista should come packaged with blood pressure medication!

I wonder if those of us stuck with the reviled operating system will have to pay to upgrade to something that works?!

Lady

Likely as Microsoft doesn't give away much for free.

Wait until your agency decides to upgrade to Office 2007. Suddenly none of your macros or secured files will work. You will even have to ask permission to see the files that are not secured or have no macros. Oh, by the way the upgrade will send any shortcut it doesn't like to the trashcan.