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August 14, 2007
Sentinel Halting Fund Redemptions?
Barry just pointed me to this remarkable document over at TheStreet. Apparently Sentinel, a kind of goosed/hedged money market fund, is halting redemptions. There must be more to this, because the letter sure sounds like there was a trader screw-up that is now being attached for convenience to the sub-prime problems.[TheStreet via Barry]
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the story has been misreported , and of course misinterpreted by the pundits and bloggers of the world
Note: This is not a pure money market -- rather, its an enhanced money market SUBSTITUE - more like a hedge fund than a pure MM account