BOSTON (AP) - Managers of money-market funds scrambled Wednesday to reassure investors and disclose daily information on fund holdings after the oldest U.S. money fund saw the value of its assets plunge from a soured investment that exposed customers to losses.
Fearing investors would pull out en masse, several managers of the normally safe investment products issued statements noting their funds' lack of exposure to troubled financial firms such as Lehman Brothers Holdings Inc., the firm whose collapse spurred the Reserve Primary Fund to take a step known as 'breaking the buck' by allowing assets to fall below the amount investors paid in.
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