Pacific Investment Management Company Inc. — which runs the world’s largest bond fund — canceled dividends on two funds that were due for payment Wednesday, saying market erosion has pushed down the funds’ value below legal limits.
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In a Bad Year These Funds Were The Worst, Down More Than 60%
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Offshore investment funds used as tax havens are being investigated as part of the Madoff fraud case.
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Gov. Mark Sanford relented Wednesday and agreed to apply for $146 million in federal funds to top it up, after weeks of refusing to do so.
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Dec. 31 (Bloomberg) — Bond dealers and hedge funds that fail to complete trades in Treasury securities face a penalty of as much as 3 percent on the proceeds of transactions, according to a Federal Reserve-backed industry code to be implemented in the next six months.
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Dec. 31 (Bloomberg) — The Pacific Investment Management Co. said it is postponing two dividend payments to investors in a pair of closed-end municipal bond funds.
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October’s panicky stampede out of mutual funds was replaced by a calmer but still steep exit in November.
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Dec. 31 (Bloomberg) — Pacific Investment Management Co., which runs the world?s largest bond fund, said it is postponing two dividend payments to investors in a pair of closed-end municipal bond funds.
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For Denver-based mutual funds, bonds and cash were the place to be in 2008.
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Treasury: Monitoring Bank Bailout Funds “difficult”
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