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BUSINESS
By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | October 18, 1992
Despite their low yields, money-market mutual funds still hav some appeal.Many people use money funds as a short-term parking lot for cash. When they flee other investments, they turn to money funds as a rest stop.Safety and liquidity are two reasons. First, money-market funds invest in short-term debt from financially strong corporations, making them super-safe. Second, assets may be withdrawn at any time.And, though money-fund yields are low, they compare nicely with those of other short-term, interest-bearing products.
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NEWS
By Luke Broadwater, The Baltimore Sun | September 16, 2013
The City Council has rejected the mayor's plan to take money from the Department of Recreation and Parks budget to pay for two new highly touted prosecutor positions. Council members voted unanimously Monday to reject the mayor's proposal to use $100,000 earmarked for recreation centers to instead help fund the two prosecutors, who would work in the U.S. attorney's office in Baltimore. The mayor's office argued that the transfer was appropriate because the money was sitting unused.
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BUSINESS
By American Banker | January 22, 1991
NEW YORK -- Money-market mutual funds are showing signs of replacing banks as safe havens for consumer funds.As war clouds gathered this year, assets of the nation's 531 non-bank money funds have swollen as depositors scramble for relief from volatile financial markets.Some types of retail deposits at commercial banks also have grown, but their gains were dwarfed by those of the money-market funds, despite the money funds' inability to offer the $100,000 deposit-insurance protection available to bank customers.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 28, 2013
Baltimore's two major mutual fund companies have joined a small but growing number of investment firms offering ultrashort-term bond funds, which may become an alternative to the traditional money market fund. The T. Rowe Price Ultra Short-Term Bond Fund launched in December and has $175 million in assets. Legg Mason Inc.'s California subsidiary this month filed to register the Western Asset Ultra Short Obligations Fund with regulators. There are now close to 50 ultrashort bond funds, with seven of them introduced last year, according to Morningstar Inc., which tracks funds.
BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,1993, Washington Post Writers Group | June 13, 1993
New York -- Are you sick of the fees laid on your ban checking account? Tired of paying more in monthly charges than you're earning on your deposits? Then think about switching your account to a money-market mutual fund. Your rate of interest changes daily, in line with general market trends. These funds can offer you free checking plus a higher rate of interest than you're getting now.A money-market fund works very much like a variable-rate bank account. Every dollar you invest can be retrieved, with no loss of capital.
BUSINESS
By JANE BRYANT QUINN | July 18, 1994
NEW YORK -- How safe is your money market mutual fund? As safe as any investor could reasonably expect. Your principal is always worth $1 a share. Only the yield fluctuates, as interest rates in the market change. Any time you want, you can take out the money you invested plus the yield it has earned.Last month, however, money-fund investors got a scare. A handful of funds got stuck with some losses on risky securities they held. Every $1 kept in those funds might have dropped to a value of 99 or 98 cents, had the fund sponsors not injected enough cash to bail everybody out.No one has ever lost money in a true money-market fund, but there have been some close calls.
BUSINESS
By CHARLES JAFFE | July 31, 2005
IN THE NEXT week or two, the yields on some of the biggest money market mutual funds will top 3 percent. That should be enough to get some investors excited about money funds again. In-flows into the safest form of mutual fund have picked up recently, as the Federal Reserve Board's spate of interest rate increases created a fivefold gain in the yield of the average money fund. Average taxable money funds now sport their best yield since the fall of 2001, at roughly 2.7 percent; top performers already are north of the 3 percent line.
BUSINESS
By Knight-Ridder News Service | February 14, 1991
In a move to protect investors, the Securities and Exchange Commission yesterday voted to tighten investment and disclosure standards for money-market mutual funds.The new standards were designed to make money funds less risky, although the funds already were among the safest investment products. In addition, companies that sell money-market funds will be required to tell investors that the funds are not federally insured.However, some experts said investors could see their money-fund yields decline as a result of restrictions on investing in higher-yielding, but riskier, securities.
BUSINESS
By CHARLES JAFFE | November 24, 2002
ONE SHARE class of the ProFunds Money Market Fund was earning 0.01 percent when the Federal Reserve Board cut interest rates Nov. 6. Now, 0.01 percent can hardly be classified as a "return." At that rate, it would take about 7,200 years for a shareholder's money to double. But it's still better than a loss. And with the Fed cutting short-term rates by 0.5 percentage points, ProFunds executives - and those at about 70 other money funds that were earning less than 0.5 percent - were sent scrambling to make sure that their safest issues didn't lose money.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | December 29, 2007
Legg Mason Inc. reported yesterday that it would take a $90 million charge in the fiscal third quarter - and a 15-cent hit to its earnings per share - as the company undertook the biggest bailout by a money manager related to debt sold by structured investment vehicles (SIVs). The Baltimore money manager pumped $1.1 billion into two foreign money market funds to prevent losses. The move follows an earlier cash infusion of $100 million and an arrangement for letters of credit to back up money funds offered by the company.
NEWS
October 14, 2012
If we're talking about money the city school system has misspent, lost or is unable to account for, this shouldn't be news to Baltimore Mayor Stephanie Rawlings-Blake ("School audit upsets mayor," Oct. 11). Before winning office as mayor she had been on the City Council since she was first elected in 1995 - the youngest person to hold the office up to that time - so being a veteran city politician I'm sure she remembers 2004, when $58 million was unaccounted for. At the time, the idea was floated to furlough teachers three days to make the loss.
FEATURES
By Susan Reimer, The Baltimore Sun | January 15, 2012
Social worker Chris Muldowney and film professor Christopher Llewellyn Reed have found a way to translate their love of movies into, among other things, groceries, fire insurance, hearing aids, a mattress, a new window, the vet bill for a beloved cat and flowers for a 100th birthday. Their monthly donation-only film series in Baltimore has generated more than $35,000 since 2005 to help needy seniors who might otherwise wait two years for an official helping hand. Muldowney manages elder case workers for Family and Children's Services of Central Maryland, a private nonprofit that has, since 1849, helped needy families, children and seniors.
NEWS
By Peter Hermann, The Baltimore Sun | December 12, 2011
Rank-and-file police officers are accusing the small department in Westminster of misspending money seized from drug suspects by buying iPads and iPhones for top commanders. The Carroll County Fraternal Order of Police, through a Baltimore law firm it hired, also alleges in a news release that department leaders have pressured officers to work extra-duty shifts at Walmart, sometimes at the expense of patrolling city streets. "We're looking for answers," said Gary McLhinney, a labor negotiator for Schlachman, Belsky and Weiner, a firm that represents police labor unions around the state.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | June 13, 2011
When Scott Burkholder wanted to raise money to create a mural showing the word "love" spelled out in hand gestures, he turned to the power of the crowd. Burkholder, the executive director of the Baltimore Love Project, launched a giving campaign online and, over a few weeks in May, watched as an initial trickle of donations turned into a deluge. With the help of Kickstarter.com, the project blew past its goal of $5,000, ultimately raising more than $6,500 to fund the mural in East Baltimore.
BUSINESS
By Hanah Cho, The Baltimore Sun | January 30, 2011
Legg Mason Inc. has bounced back from the worst of the financial crisis by many counts. The Baltimore financial powerhouse has cleaned up its balance sheet without government help, returned to profitability and initiated a major cost-cutting program to boost profit margins. Yet one key measure stands in the way of a full recovery: Clients continue to pull money from Legg Mason's mutual funds even as the market rebounds and shell-shocked investors regain their footing. For 13 consecutive quarters, clients have taken more money out of the funds than they put in, resulting in billions of dollars being moved out of Legg accounts.
BUSINESS
December 19, 2009
Up to 40 commercial buildings in five sections of Baltimore will receive facade improvements under an $800,000 revitalization program funded as part of the federal government's stimulus efforts and administered by the Baltimore Development Corp. The development agency announced this week that it is seeking proposals from architects to oversee facade renovations of privately owned buildings in Belair-Edison, Oldtown, Pigtown, West Baltimore Street and the Pennsylvania Avenue corridor. The money was awarded to Baltimore as part of the federal government's efforts to create jobs to help stimulate the economy through the American Recovery and Reinvestment Act. Feb. 1 is the deadline for architects' proposals to BDC. Donna Langley, director of the Baltimore Main Streets Program, said she expects the facade improvement work to begin by spring.
BUSINESS
By CHARLES JAFFE and CHARLES JAFFE,MARKETWATCH | February 12, 2008
As the Federal Reserve was slashing interest rates in recent weeks, billions of dollars in investor money was flowing into some of the most rate-sensitive investments out there, into funds that are almost certain to have a tough time keeping up with inflation. The flight to safety is, for many people, seen as a way to minimize risk. In fact, it is just turning from one form of risk to another and, given current market conditions, puts savers in a situation most will hate. Money-market mutual fund assets now stand at a record of $3.27 trillion, according to Money Fund Report, a service of iMoneyNet of Westborough, Mass.
BUSINESS
By Charles Jaffe | September 4, 2007
One person's flight to safety is another person's panic. But no matter what you call it, many investors are making an unnecessary trip in that direction with their money-market mutual funds. Market concerns are behind the flight to quality that has pushed assets in money-market funds to a record $2.72 trillion. But if you have been thinking that you might join in that journey and change your money-market fund to gain additional safety, think again; the journey isn't only unnecessary, but you're already too late.
BUSINESS
By From Baltimore Sun staff and news services | March 19, 2009
BOSTON - The nearly $4 trillion money-market mutual fund industry has a proposition for its play-it-safe investors: We'll tighten the rules we play by so you don't have to worry about not getting back at least a dollar for each buck you put in. But beware if you want to take on the marginal risk of stashing cash in the most aggressive, highest-yielding category of money funds. You might see an even smaller return. That's the crux of money fund changes that the industry's trade group recommended to federal regulators yesterday.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | March 6, 2009
Legg Mason Inc. has wiped out the last of the toxic securities from its money market funds that have troubled the money manager for almost two years - a move that executives said will allow the company to focus on improving the performance of its struggling mutual funds. The Baltimore company said yesterday that it sold $1.8 billion of so-called structured investment vehicles for 25 cents on the dollar. SIVs issue debt, some backed by mortgage-linked securities, that has plummeted in value amid the credit turmoil.
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