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In reviewing some of my youngest son's investment accounts I find that
Schwab has closed both their Government and Treasury money funds to
investors not currently invested in them.
What a great testimony to the client orientation of that particular firm.
There is a real credit crunch that is occurring across the board, but
for those who really want to accept the below normal rates of
governments as a trade off for risk, that option should be available.
I have no idea how much, if any, of the suspect securities are held in
any of the other Schwab money funds, but the only advantage I can see
for their action is to make sure that those non governmental funds have
some improved inflow of cash to meet redemption requests.
Any one with a better idea of why, and is your broker doing the same?
Richard Funkhouser
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