These annuities are sold by financial “advisers” who basically are in the business of selling insurance and draining your assets with their annual fees. The money is untouchable for long periods (usually 7+ years) unless you pay stiff withdrawal penalties. And worse, many annuities do not have simple protection mechanisms to safeguard your nest egg [...]
By Ari Levy and David Mildenberg
Nov. 7 (Bloomberg) — GMAC LLC may leave thousands of individuals on the hook for about $15 billion of junk-rated debt unless the auto and home lender finds a way to pay its bills.
GMAC, the largest lender to car dealers of General Motors Corp., issued more than $25 billion of [...]
By JEANNINE AVERSA
Tue Oct 21, 11:52 am ET
WASHINGTON - The Federal Reserve announced Tuesday that it will provide up to $540 billion in financing to bolster the money market mutual fund industry, its latest effort to get credit flowing more freely again.
The Fed’s new program, called the Money Market Investor Funding Facility, will be used [...]
WASHINGTON — The Federal Reserve on Tuesday introduced a new program to finance the purchases of assets from money market mutual funds as the government continued to search for ways to battle a severe credit crisis.
“The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other [...]
NEW YORK (MarketWatch) — Things have been happening pretty fast, but it’s kind
of funny how quickly people have come to some ironclad conclusions: Wall Street
as we know it is dead. Risk is gone. Trading is over. Deposits are king.
Goodbye, Dick Fuld and credit-default swaps. Hello, Ken Lewis and three-year
certificates of deposit.
If only it were true. [...]
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