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Rating:Money Market Support Costs Schwab $130M Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 16, 2010

Money Market Support Costs Schwab $130M

News summary by MFWire's editors

Schwab [see profile] expects to spend about $130 million this quarter on money market losses. Chief financial officer Joe Martinetto revealed that detail yesterday in the San Francisco-based brokerage's monthly activity highlights.

"The company has chosen to cover all losses recognized by Schwab money market mutual funds as a result of their investments in a single structured investment vehicle that defaulted in 2008," Martinetto stated. "Our third quarter results will include a pre-tax charge of approximately $130 million in connection with this action. Our clients currently hold $154 billion in money fund balances at Schwab."

Reuters' Joseph Giannone covered the news. 

Edited by: Neil Anderson, Managing Editor


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