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Article: Firms prop up money-market funds; Legg Mason, Bank of America infuse cash.(BUSINESS)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- November 14, 2007
CopyrightCOPYRIGHT 2007 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Gregory Lopes, THE WASHINGTON TIMES
Some financial firms are shoveling cash into their money-market funds to prop them up as the nation's credit crisis continues to spread, but account holders don't need to panic just yet, analysts said yesterday.
Legg Mason, a Baltimore money manager, recently announced it would inject $100 million into a money-market mutual fund and another $238 million into two other funds that could be in danger of falling below the standard $1 per share.
Bank of America, based in Charlotte, N.C., also sought to maintain a high credit rating for one of its money funds by infusing $300 million into it because of ...