Practice

With just $6 billion in assets left, of what once totaled $83 billion, Reserve Management is liquidating its 18 remaining funds.

The U.S. Justice Department has subpoenaed several large firms and agencies as part of an investigation to determine whether Lehman Brothers Holdings Inc. misled investors before its Sept. 15 bankruptcy filing, according to the Stamford Advocate.

Despite a stable economic outlook for the foreseeable future, many Canadians are concerned that their government isn’t doing enough to prepare itself for the kind of downturn the rest of the world is experiencing, writes the National Post.

For many investors, buying into and saving for the retirement American dream is no longer a reality, according to a new survey from AARP of 1,628 workers over age 45, conducted last month.

The Federal Reserve announced Tuesday it will buy up to $1.3 trillion of the top-rated asset-backed and unsecured commercial paper in the markets—virtually a business loan bailout due to frozen money markets, the closest the government has come to making loans to businesses directly.

NEW YORK—In the wake of the ongoing credit crisis and illiquid money market, much of it due to the failure of a single money market mutual fund, the Securities and Exchange Commission plans to overhaul Rule 2a-7. Separately, the Department of the Treasury is looking into creating a market stability regulator with omniscient powers across the "entire financial system."

Investors in the now-defunct Primary Fund got their first indication of when they can expect redemptions last Monday, when Reserve Management announced it would return 32% of the fund's assets as of Sept. 15, or $20 billion, on Oct. 13.

WASHINGTON—The House reversed Monday's rejection of a bill to stabilize the financial markets approving the measure on Friday with a vote of 263 to 171.

Total retirement assets in the U.S. fell 5.2% during the first quarter of 2008, from $18.0 trillion to $17.1 trillion, according to the Investment Company Institute.

In response to scrutiny over its ratings of instruments tied to subprime mortgages, Fitch Ratings has increased its own scrutiny over fund of hedge fund managers, warning that many such funds may not be able to meet redemption requirements if their risks are not closely monitored.