The Reserve announced Tuesday that its Primary Fund broke the buck, with shares worth only 97 cents on the dollar, due to $785 million worth of Lehman Brothers blue-chip commercial paper and medium-term notes that had fallen to zero value as of 4 p.m.

 

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.