Between losing an hour & a hangover (idle speculation, that) Megan's Sunday a. m. post didn't go too well.
What they hadn't known, and indeed, couldn't really have known, was that the effect on Lehman debt would cause the value of a smallish money market fund aimed at institutional investors would break the buck.
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8 comments:
This appears to be what she is talking about. Though it also appears to be not true.
"Break the buck" -- when the value of a Money Market Fund falls below $1.00. (Theoretically impossible with positive interest rates and legitimate money-market investments.)
Happened before Lehmann collapsed, and in several cases afterwards--including several that broke after the Bailout began, iirc--but not because of Lehmann.
did you see the latest post on foreign MBAs? How stupid is that? Yes, come and take my job so that you contribute to the tax system while I starve. She really is an asshole.
this is a good explanation:
http://www.npr.org/blogs/money/2008/09/help_why_did_they_break_the_bu.html
The short answer to "what would happen if Citigroup went bust?" is "fucking chaos". I can't imagine the US gov't will fuck up that badly though.
how long before this lasts:
Megans Post:
Markets in everything
09 Mar 2009 05:42 pm
Will trade concert tickets for new job. Welcome to the barter economy, I guess.
Comment:
Well, Peter is already trading pity fucks for room and board; this is small cheese by comparison.
Posted by Julian Kaye | March 10, 2009 6:01 AM
Julian Kaye is the main character in American gigolo. hmmm.
It's still there. My goodness, Megan sleeps late.
Okay, I know it's not right to take things to a personal level and that criticism of Megan should remain strictly focused on her output at the Atlantic, but damn, that's just funny.
Hey, it's OK if someone else does it.
And thanks for sharing.
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