Friday, February 23, 2001
February 23, 2001
Reported by Tamiko Toland
Scudder Bails Out CA Utilities
from Brill.com
Originally reported in USA Today, Scudder Kemper Investments has tossed $6 million at a security issued by a California utility security in order to salvage a money market fund. While the move is both rare and radical, Peter Crane, editor of the Money Fund Report, reassured that similar investments don't endanger other funds. Bruce Bent, president of Reserve Funds and inventor of the money fund, is quoted as disapproving of the move, which inclines such funds too much towards risky investment.
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