By MICHAEL GRAY
Rumors were flying on the street yesterday that a TIAA CREF mutual fund “broke the buck” or its value fell below the $1.00 a share price.
The company had no comment on the rumor, but on its Web site the company reported that the fund has done this in the past and that although it holds no risky assets.
My question is if a fund is breaking the buck in this market, how many others are close?
Also you will recall that the last fund to break the buck was the Reserve Primary Fund, which on September 18, 2008 almost crashed the markets see Almost Armageddon.
Ben Bernanke and his board of governors have hired their first lobbyist to combat Rep. Ron Paul’s movement to audit the Feds’ books.
Linda Robertson, who once worked for Enron and was instrumental in altering commodities regulations in the 90’s in order for Enron to do its damage through gas and oil trading.
Robertson served under Treasury Secretaries Lawrence Summers, Robert Rubin and Lloyd Bentsen and will start on Monday.
Robertson will also work on a global ad campaign with former Treasury Secretary Hank Paulson’s spokesperson Michele Davis and former chief of staff Jim Wilkinson at the Brunswick Group.
The campaign is to work on the banker image. Its message will be that the only way to get out of the global recession is to trust bankers. Bankers did not create this mess, but they can get us out of it. Seems like a tough sell for the campaign.
For more on Wall and Washington and the economy see: https://mgray12.wordpress.com