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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (151415)	9/28/2008 3:09:46 PM
From: GraceZ	Respond to of 306849

...class action should be right around the corner imo but what would they get? I think TD Ameritrade has already filed legal action against them, at least I remember a news item related to that.

To: NOW who wrote (151415)	9/29/2008 10:26:48 PM
From: GraceZ	Read Replies (2) \| Respond to of 306849

Got my copy of the new Reserve Fund AR. The Chairman's statement makes for comical reading in light of their going down in history as being the first MMF in this era to "break the buck": The World’s Most Experienced Money Fund ManagerSM After a recent speech a questioner asked what I would do if I was appointed Chairman of the Federal Reserve. I responded that I would immediately resign and go back to being Chairman of The Reserve. Here is why. We are at the flex point in our economy. Inflation pressures that were apparent last summer are still present. Because of the crisis of confidence that emerged last year, inflation fighting was put on hold, interest rates were dropped to protect the valuation of securities and therefore the integrity of investment banks, commercial banks and some money market mutual funds too as it worked out. Unfortunately, the crisis of confidence is not over but the market has improved dramatically. Many dangerously Structured Investment Vehicles (SIVs) were folded by their sponsors which had the effect of taking matches from children that had proved themselves unworthy of the responsibility, underscoring my earlier points that not anyone can run a money fund. One year has passed since the subprime and SIV crisis shook the foundation of our markets, which has investors questioning the safety of their money funds. Good! We are pleased to report that you, and the markets in general, have embraced the very concept and foundation on which The Reserve was founded, an unwavering discipline focused on protecting your principal, providing daily liquidity and transparency, and all the while boring you into a sound sleep. Experience has prevailed and as a result, The Reserve’s assets grew by nearly 100%, or $61 billion, over the past year. Thank you for the trust you have placed in us as your cash manager and in helping us be the fastest organically growing money fund company, ranked among the largest U.S. money fund managers (those with at least $40 billion in assets) in 2005, 2006 and again in 2007.* Please let us know your comments and suggestions as to how we can serve you better. Bruce Bent Chairman & CEO I'm guessing Bent is wishing he chose to retire last year.