"Money market fund guarantee program to end" says AP. The article states, "The Obama administration said Thursday that a program used to guarantee as much as $3 trillion in money market mutual fund assets will end on schedule next week. The program, which will be closed down on Sept. 18, had no direct cost to taxpayers and earned more than $1 billion in fees paid by the mutual fund industry, according to the Treasury Department. It was established at the height of the financial crisis last fall after a large money market fund 'broke the buck' -- meaning the value of its underlying assets fell below $1 for each investor dollar put in. Investors were exposed to losses after the Primary Reserve Fund conceded that $785 million it had invested in the debt of Lehman Brothers became worthless after the investment bank's bankruptcy in September 2008. The funds are a mainstay of financial management for U.S. families and companies because they're viewed as safe and easily accessible investments that offer returns exceeding those of conventional savings accounts. They generally invest in the safest types of debt such as Treasury bonds." See also, the San Francisco Chronicle's "Money market guarantee program expiring".
