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2010-02-08
Paperwork Hinders Airlifts Of Ill Haitian Children

Shame And Fear: Inside Germany's Catholic Church Abuse Scandal

'Million-Fold Violation Of The Private Sphere' - Germany Consumer Minister Takes On Google Street View

Interview With Palestinian President Mahmoud Abbas: 'I Will Not Back Down'

Greek Debt Crisis - How Goldman Sachs Helped Greece Mask Its True Debt

Dow Closes Below 10,000 For First Time Since Nov. 4

Climate Scientists Hit Out At Melting Glaciers Error

Commentary: The Case For Climate Change Must Be Remade From The Ground Upwards

U.S. Health And Human Services Secretary Sebelius 'Very Disturbed' By Anthem Blue Cross Rate Hikes

Ahead Of SWIFT Vote: U.S. Urges European Parliament To Back Bank Data Deal

Commentary: 'The West Must Impose Sanctions On Iran This Month'

Iran's Nuclear Plans Prompt New Calls For Sanctions

U.S. Rep. John P. Murtha Dies At 77

Ukraine Remains Divided After Runoff Election

2010-02-07
Global Market Turmoil Hints That U.S. Recovery May Founder

Editorial: The Truth About The U.S. Deficit

Why Are U.S., Allies Telling Taliban About Coming Offensive?

Testy Conflict With Goldman Helped Push A.I.G. To The Edge

Survey Of Retired N.Y. Police Dept. Officers Raises Questions On Crime Data

Iraqi Militants Post Video Of Kidnapped American

In Britain: Sharp Rise In Number Of Older People With Fatal Allergies

Ukraine Set For A Tilt To The East As Russia's Ally Leads In Polls

Mitch Landrieu Wins New Orleans Mayor's Election By Landslide

Top Canadian Banks Want Government To Cool Off Rise In Home Prices

6.6 Magnitude Hits Off Japan's Southern Coast

2010-02-05
Interview With John And Doris Naisbitt: 'China Is A Country Without An Ideology'

Interview With German Economic Adviser - Euro Zone 'Could Cope With Greek Bankruptcy'

Judge Overturns Boycott Barring Iranians from Dutch Nuclear Sites

Sen. Dodd: Talks With Republicans On Financial Bill At 'Impasse'

U.S. House To Vote On Stripping Health Insurers' Antitrust Protection


U.S. Treasury To Temporarily Guarantee Money Market Funds
2008-09-19 10:52:50 (73 weeks ago)
Posted By: Intellpuke
(Read 1295 times || 0 comments)
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The U.S. Treasury Friday morning offered temporary insurance for money market funds, attempting to restore confidence in one of the economy's important safe-haven investments, while the Securities and Exchange Commission slapped a two-week ban on short-selling the stocks of 799 financial companies as federal officials continued ramping up efforts to stabilize the global financial system.

Coming as federal policymakers and politicians work to craft a broad financial rescue plan, this morning's actions are meant as a short-term firewall against a steep market collapse, and demonstrate the government's willingness to change basic market rules, at a moment's notice, in response to the current crisis. The Treasury's move in particular marks an unprecedented step by federal regulators to guarantee the value of investments in a certain type of securities, suspending for money-market investors one of the basic rules of the marketplace - that value may go down. Previously, that sort of protection was offered solely to bank depositors.

Global stock markets soared towards what may prove historic one-day gains. The Dow Jones industrial average  added more than 225 points in the opening minutes of trading, or more than 2 percent. The tech-heavy Nasdaq added more than 5 percent initially while the broader S&P 500 jumped nearly 3 percent. Financial stocks, protected from short selling, enjoyed double digit gains, with investment banks Goldman Sachs and Morgan Stanley saw gains in excess of 20 percent.

European markets rose on the order of 7 to 9 percent, while Asian markets overnight added anywhere from 4 to 9 percent.

As with other recent steps taken by the government, Treasury's action to bolster money market funds seems to acknowledge that banks no longer stand alone at the core of the financial system.

(story continues below)




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