Another day, another subprime-related fiasco. Today GE Asset Management announced that one of its not-quite-money-market short bond funds, the Enhanced Cash Trust, took a loss from subprime holdings, and is offering customer redemptions at 96 cents on the dollar. Normally these funds are considered to be a higher-yielding version of a money market fund. This would make you pretty unhappy if you were looking for 5%-ish stable returns while waiting for the stock market to settle down.
Along these lines, here are British comedians John Fortune & John Bird chatting about the state of the banking system, Northern Rock, and subprime in another interview of “George Parr, investment banker” from last month.
Injects $41 billion into the U.S. financial system Thursday, the largest since September 2001, to help companies get through a credit crunch. Partly accounts for yesterday’s odd trading post FOMC?
Bad luck at the tables - casino’s winning percentage in baccarat, blackjack and other games was 14.7 percent, below its forecast range of 20 to 22 percent and last year’s winning percentage of 23.4 percent.