Tyler Durden provides a report by the Investment Company Institute with its "semi-independent perspective" on what really happened during the post-Lehman failure days.
Recall "How The World Almost Came To An End At 2PM On September 18:"
LiveLeak has caught a scary moment of previously undisclosed insight by Paul Kanjorski where he reveals some facts that have not been captured by the media previously. At 2 minutes and 20 seconds in the video below, Democratic Representative Kanjorski explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occurred over the period of an hour or two. And it gets worse.
Here’s a follow-up. – Ilene
Money Market Events In The Fateful Post-Lehman Week
Four days after Lehman declared bankruptcy, Primary Fund filed with the Securities and Exchange Commission (SEC) an application for an order to suspend redemptions and to postpone the payment of redemption proceeds for more than seven days. By the time it filed its application, the fund had reportedly received redemption requests for approximately $60 billion. On September 22, the SEC granted the order, effective as of September 17.
