The 2008 Money Market Crisis

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Timeline

Contents 1 2008 2 2009 3 Sources 4 How to Cite

2008

September 15, 2008

• Lehman Brothers Holdings Inc. Announces It Intends to File Chapter 11 Bankruptcy Petition

September 17, 2008

• Reserve Primary Fund "​Breaks the Buck" Following Run on Assets

September 18, 2008

• Ugly All Over: Putnam Inst Closes, Lehman AAA on Warning, Outflows

September 19, 2008

• FRB Press Release
• Asset Backed Commercial Paper (ABCP) Money Market Mutual Fund (MMMF) Liquidity Facility (AMLF or "the Facility")

September 24, 2008

• "A Statement Regarding the Reserve International Liquidity Fund" Press Release
• Federated Investors, Inc. and Putnam Investments Announce Transaction to Benefit Money Market Fund Shareholders, Press Release

September 29, 2008

• Treasury Announces Temporary Guarantee Program for Money Market Funds
• Frequently Asked Questions About Treasury’s Temporary Guarantee Program for Money Market Funds
• Treasury Guarantee Program for Money Funds Live, Fee Is One Bps
• "Important Notice Regarding Reserve Primary Fund", Press Release

October 1. 2008

• "Important Notice Regarding U.S. Government Fund", Press Release

October 6, 2008

• Treasury and Fed Pulling Out Stops to Save Commercial Paper Market
• Commercial Paper Funding Facility: Frequently Asked Questions

October 9, 2008

• Virtually All Money Fund Families Now Covered by Treasury Guaranty

October 21, 2008

• Fed Announced Money Market Investor Funding Facility (​MMIFF)
• Frequently Asked Questions about the Money Market Investor Funding Facility

October 24, 2008

• "SEC Grants Order to the Reserve Interstate and State-Specific Municipal Money Fund"
• SEC Grants Order to the Reserve Yield Plus Fund

October 27, 2008

• A Statement Regarding The Reserve Funds

October 30, 2008

• "Reserve Primary Fund Makes Initial Distribution of $26 Billion to Primary Fund Shareholders", Press Release
• "​Bailout List" Rises to 25 as SEC Discloses Lehman Support Actions

November 4, 2008

• ICI Establishes Money Market Working Group
• Reserve Interstate Tax-Exempt and State-Specific Municipal Money Funds Update

November 11, 2008

• Moody'​s Reexamining "​Parental Support in Money Market Funds"

November 13, 2008

• Reserve U.S. Government Fund Makes Initial Distribution of $4.5 Billion to Shareholders

November 18, 2008

• Federal Reserve Board of New York - Money Market Investor Funding Facility: Frequently Asked Questions

November 20, 2008

• Reserve U.S. Government Fund Enters into Agreement with the U.S. Treasury
• Commentary: The Credit Crisis: U.S. Government Actions and Implications for Cash Investors

November 24, 2008

• Treasury Announces Extension of Temporary Guarantee Program for Money Market Funds

November 26, 2008

• Important Notice Regarding Reserve Primary Fund’s Net Asset Value

December 1, 2008

• An Update of The Reserve’s Fully Liquidated Funds
• Reserve Pennsylvania Municipal Money-Market Fully Liquidates

December 3, 2008

• Reserve Primary Fund Makes Second Distribution of $14.4 Billion to Primary Fund Shareholders

December 4, 2008

• Over 1/​3 of Funds Received Support; Change Expected Says Moody'​s

December 5, 2008

• Reserve Yield Plus Fund Update

December 6, 2008

• An(​other) Offer Funds Couldn'​t Refuse: All Renew Treasury Guarantee

December 9, 2008

• "​First Money Fund Pays Negative Yield" Story in MFI Incorrect

December 10, 2008

• Reserve Ohio Municipal Money-Market Fully Liquidates
• Reserve Connecticut Municipal Money-Market Fully Liquidates

December 12, 2008

• Recordbreaking Asset Surge, Prime Fund Recovery, Continues
• Reserve Virginia Municipal Money-Market Fund Fully Liquidates
• Reserve Minnesota Municipal Money-Market Fund Fully Liquidates
• Reserve Michigan Municipal Money-Market Fund Fully Liquidates
• Reserve New Jersey Municipal Money-Market Fund Makes Initial Distribution of $12.5 Million to Shareholders
• Reserve Florida Municipal Money-Market Fund Makes Initial Distribution of $7.9 Million to Shareholders
• Reserve California Municipal Money-Market Fund Makes Initial Distribution of $3.8 Million to Shareholders

December 16, 2008

• Federal Reserve Cuts Target to Zero; Can Money Market Funds Survive?

December 19, 2008

• Reserve New York Municipal Money-Market Fund Makes Initial Distribution of $88.5 Million to Shareholders
• Vanguard Closes Two Money Market Funds

December 23, 2008

• Fidelity announces closure of Treasury Money Market Funds to new accounts

December 24, 2008

• The Primary Fund A Statement Regarding Special Reserve Under the Plan of Liquidation

December 30, 2008

• Money Funds on Target for 2.​5% Avg. Return, 21% Asset Growth in '​08
• Reserve Arizona Municipal Money-Market Fund Fully Liquidates

2009

January 8, 2009

• Federal Reserve Expands, Tweaks Money Mkt Investor Funding Facility

January 14, 2009

• Flurry of Fund Filings on Treasury Funds Closings, Waivers, Insurance

January 15, 2009

• Reserve Fraud Started After SEC Call, Galvin Says News Report

January 16, 2009

• Reserve U.S. Government Fund Distributes Remaining Assets to Shareholders

January 17, 2009

• Reviewing Reserve'​s Failed Attempt to Protect Its $​1.​00 Share Price

January 19, 2009

• Group of Thirty Recommendation Poses Threat to Money Market Funds

January 26, 2009

• Vanguard's Treasury money market funds are closed to new accounts as yields tumble
• Reserve Interstate Tax-Exempt Fund Makes Initial $354 Million Distribution

January 30, 2009

• Reserve International Liquidity Fund Ltd. Makes Initial $1.875 Billion Distribution

February 4, 2009

• Reserve New Jersey Municipal Money-Market Fund Makes Final $12.8 Million Distribution

February 5, 2009

• Federal Reserve Extends MM Liquidity Programs Until Oct. 30, 2009

February 6, 2009

• Reserve Florida Municipal Money-Market Fund Makes Final $1.95 Million Distribution

February 13, 2009

• Reserve New York Municipal Money-Market Fund Makes Final $919,000 Distribution
• Reserve California Municipal Money-Market Fund Makes Final $1.18 Million Distribution

February 20, 2009

• Reserve Primary Fund Makes Third Distribution of $3.4 Billion to Primary Fund Shareholders

February 26, 2009

• A Statement Regarding Special Reserve Under The Plan of Liquidation
• A Statement Regarding Special Reserve Under The Plan of Liquidation Reserve Yield Plus Fund Makes Second Distribution of $185 Million
• Fee Waiver Pressure Eases Slightly on Treasury Funds as Rates Rise

March 2, 2009

• BIS Quarterly on Impact of Sept. US Money Fund Run on Non-​U.​S. Banks (Analysis)

March 3, 2009

• High Cost of Deposit Insurance Pushing Cash to Money Funds Says JP

March 6, 2009

• Municipal MSRB Asks Treasury to Extend Money Market Fund Guarantee

March 10, 2009

• Bernanke: Tighter Restrictions, Limited Insurance for Money Funds

March 12, 2009

• Standard and Poor'​s Tweaks Money Fund Rating Criteria, Methodology

March 13, 2009

• Reserve Interstate Tax-Exempt Fund Fully Liquidates

March 18, 2009

• Mutual Fund Leaders Endorse Reforms to Strengthen Money Market Funds and the Money Market
• Banks Should Be Regulated Like Money Funds Says Bullard in Testimony

March 20, 2009

• Jack Brennan discusses industry-wide money market reform effort

March 26, 2009

• Reserve Municipal Money-Market Trust II (the “Trust”) Plan of Liquidation and Distribution of Assets

March 27, 2009

• Additional Information Regarding the Reserve Yield Plus Fund
• Additional Information Regarding the Reserve Primary Fund

April 1, 2009

• Treasury Extends Money Fund Guarantee Program Until Sept. 18, 2009

April 15, 2009

• Largest Money Funds All Renew Treasury Guarantee for Prime Funds

April 17, 2009

• Reserve Primary Fund Makes Fourth Distribution of $2.3 Billion to Primary Fund Shareholders

May 5, 2009

• Regulatory Reforms Likely to Extend Beyond ICI Report Says Shapiro

May 6, 2009

• SEC Charges Bents, Reserve Primary Fund Management With Fraud

June 3, 2009

• Vanguard Merges Treasury Money Funds, Closes Federal Money Market

September 15, 2009

• Treasury Guarantee Ending Friday, But Plenty of Support Remains

September 18, 2009

• Treasury Announces Expiration of Guarantee Program for Money Market Funds

September 22, 2009

• Reserve Primary Fund to Make Fifth Distribution of $1 Billion to Primary Fund Shareholders

September 23, 2009

• Money Fund Outflows Minimal Following Treasury Guarantee Expiration

Sources

• Cranedata News Archive
• Treasury’s Temporary Guarantee Program for Money Market Funds
• Federal Reserve Discount Window Payment System Archive
• Federal Reserve Bank of New York Commercial Paper Funding Facility
• The Reserve News and Views
• ICI News Releases

How to Cite

You can link to this page from the Bogleheads Forum by copying and pasting the following text into your forum posting:

Please see [url=http://www.bogleheads.org/wiki/The_2008_Money_Market_Crisis]The 2008 Money Market Crisis[/url] on the [url=http://www.bogleheads.org/wiki/Main_Page]Bogleheads Wiki[/url].

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