Money funds remain at risk

9 Comments | USA TODAY, September, 2009 | by John Waggoner

A year after the Reserve fund collapsed, a financial meltdown could still cause other money market mutual funds to see their share prices fall below $1.

The Reserve Primary fund jolted the financial world a year ago today when its share price dropped below $1 -- "breaking the buck" as it's called.

Money funds keep their share prices at $1 every day, so investors don't lose principal. The Reserve fund was the first money fund open to the general public to break a buck. (A small institutional money fund, Community Bankers Money fund, broke the buck in 1994.)

The $64.8 billion fund held $785 million in short-term IOUs, called commercial paper, issued by Lehman Bros., which had filed for bankruptcy protection a day earlier. The fund's share price fell to 97...

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