"Wachovia to Purchase Lehman Holdings from Evergreen Money Market Funds" says a press release. "Evergreen Investments today announced plans by the firm's parent company, Wachovia Corporation, to purchase the Lehman debt held in Evergreen Money Market Fund, Evergreen Institutional Money Market Fund, and Evergreen Prime Cash Management Fund.... Earlier this month, Wachovia announced that it had entered into support agreements" with the funds. The release adds, "Wachovia has now decided to purchase the Lehman debt holdings out of the Funds.... In addition, Evergreen confirmed that it had submitted the necessary documentation and paid the required fee to participate in the Money Market Guarantee Program established by the U.S. Treasury Department. According to information published by the Treasury, the program will guarantee the share price of any publicly offered eligible money market mutual fund that applies for and pays a fee to participate in the program." In other news, see WSJ's "Short-Term Markets Remain on Tenterhooks" and "Reserve Fund Will Return $20 Billion to Investors".
