"Naaa, you don't really need your money right now. We'll just hang on to it so that you don't do something irrational that we errr! you might regret. We promise, this is going to hurt us a lot more than it will hurt you."
Apparently the newest trend in money management, is for firms to halt redemption requests. The latest copycat of this market confidence-building tactic is Sentinel Management Group, who today told its investors in hard to understand financese, Quote Don't let the door hit ya, where the good Lord split ya. End quote.
What's particularly puzzling for Sentinel is that it oversees money-market funds. Ooops. Old-timers across America will be scramblin' to exit those "Safe & Liquid" investment vehicles.
Other notable funds that have been saying no-no to redemptions lately are: Bear Stearns (3) (but don't worry Fitch has given the all-clear regarding BSC.), United Capital (4), Germany's BHF-Bank(1), Germany's Union Investment (1), France's BNP Paribas (3).
I know it looks strangely like I have just given you the latest scores to European Soccer matches, but I assure you, these funds and the companies behind them are deucing doo-doo bricks about right now.
But just remember that the true culprit of this current market mayhem is "Speculators Exploiting Market Fears." - Ben Stein
Nicely played sir.