Sunday, September 14, 2008

Where to Keep Cash When No Investment Seems Safe

Cash used to be the most boring of assets. But not this year.

Nervous depositors rushed to withdraw money from IndyMac Bank, the California thrift that collapsed in July. Investors holding supposedly liquid auction-rate securities were stunned to discover they could not sell them after the markets seized up in the spring.

Others watched as a string of money market mutual funds had to be bailed out. And still others suffered losses in ultrashort bond funds, once considered pillars of stability.

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