For The Wealthy, Cash In The Bank Is Becoming King Over Money Market Funds...And Alternatives

 
The concern about money market funds stems from the 2008 crisis when Lehman’s Reserve Primary Fund no longer tied their money market fund shares to a $1 value. For that reason, advisors are doing as much due diligence on money market funds as they are other investment structures. In 2008, short-term credit obligations in the form of credit-default swaps were a large contributor to the crisis. Money market funds are tied to such short term obligations to provide the liquidity they need as well as to be able to offer investors a return on their money.
 
Money market funds are not insured by the federal government. Bank deposits are insured up to $250,000 per account. This amount was increased in 2010 from $100,000 as a provision of the Dodd-Frank Wall Street Report and Consumer Protection Act. Dodd-Frank also stipulates the insurance of monies contained in non-interest bearing accounts at banking institutions, regardless of amount. This provision is due to expire at the end of 2012 unless extended by Congress.
 
The latest money market concern comes from money funds’ exposure to Eurozone bank debt. Sophisticated investors are choosing federally insured accounts over the greater risk exposures of money market funds.

 

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