Hi,
Yes,
your money is safe. If you find out what the money market fund is composed
with, you will see mostly short term us government notes and bonds or any AAA ranked
short term bonds. That’s why it is called a money market fund. If you
think United States is about to go bankrupt,
then you should reconsider money market fund ;-)
Regards,
Hugo
-----Message
d'origine-----
De :
amibroker@xxxxxxxxxxxxxxx [mailto:amibroker@xxxxxxxxxxxxxxx] De la part de Steve Dugas
Envoyé : 23 mai 2005 13:43
À : Amibroker Yahoo Group
Objet : [amibroker] OT:
Question for Fund Gurus
I have 2 accounts with my broker, a
regular individual account and a recently opened IRA account. The
broker set up the IRA so that any cash in the account is
automatically swept into a money market fund managed by Reserved Funds. The
money market pays about double the interest of my regular account, so
I was thinking about setting up my regular account this way also. Before
doing so, I asked my broker whether the cash in the money market funds were
covered by their insurance, and was told no, that it was being managed
by Reserved Funds, and I should call them to see what insurance they have.
I did, and they said they have *no* insurance at all, but that none is
necessary because, under the federal regulations which govern funds, and
which they must follow, my money would still be safe even if Reserved
Funds went under. My questions are:
1. In the unlikely event of fraud or
mismanagement on the part of Reserved Funds, could I lose the money in these
funds?
2. Which should I do -
cancel the "money market fund" option on my IRA, or set
up my other account to use this option? It is more important to
me to know my money is safe than to collect an extra 1% or 2% in interest, so I
am leaning towards cancelling this option on the IRA, unless some knowledgable
people can confirm that this money is totally safe even without insurance.
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