Reserve Primary Fund "breaking the buck" was one of the top stories of 2008 says the AP. The Associated Press released its "Top business stories of 2008", which includes "10. Money Market Fund Reserve Primary Breaks the Buck." AP writes, "After Lehman filed for bankruptcy, the money market Reserve Primary Fund, which had invested heavily in Lehman debt, 'broke the buck,' with its assets falling to 97 cents for every dollar invested. It was the first time this happened in the money market industry in 14 years. Investors across the country -- who had seen money market funds as being safe as cash -- fled for the exits. Reserve alone saw $40 billion in redemption orders on Monday and Tuesday the week Lehman filed. As the year ended, Reserve was still liquidating its funds." Reserve is also mentioned in the LA Times' "2008 memories: Infamous moments from the meltdown", which says, "5. Most Ironic Press Release of the Year: The Reserve Fund, the nation's first money market mutual fund, positively gushed about itself in a July press release, insisting that its parent firm was 'the world's most experienced money fund manager'.... Less than two months later the fund became only the second in history to "break the buck.'" See also: "Reserve Yield Plus Fund Makes Initial Distribution of $800 Million" and "Reserve Arizona Municipal Money-Market Fund Fully Liquidates".
