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In a move suggesting how the credit crisis could disrupt American higher education, Wachovia Bank has limited the access of nearly 1,000 colleges to $9.3 billion the bank has held for them in a short-term investment fund, raising worries on some campuses about meeting payrolls and other obligations.
Wachovia, the North Carolina bank that agreed this week to sell its banking operations to Citigroup, has held the money in its role as trustee for a fund used by colleges and universities and managed by a Connecticut nonprofit, Commonfund.
On Monday, Wachovia announced that it would resign its role as trustee of the fund, and would limit access to the fund to 10 percent of each college’s account value. On Tuesday, Commonfund said that by selling some government bonds and other assets held in the fund, it had succeeded in raising its liquidity to 26 percent.
Investor advice: Don't panic, limit exposure
Don't panic, limit exposure:/c/a/2008/09/15/BUSE12UFR8.DTL ... of investments with Wells Fargo Private Bank. Mutual funds ... Customers can access those assets today," he says.
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Bank run - Wikipedia, the free encyclopedia
A banking panic or bank panic occurs if ... making it less likely for a bank run to start. This practice sets a limit on ... by customers since the bank had applied for emergency funds. On ...
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Funding panic - New Media Medicine
Funding panic ... Meantime, hardship/ access funds will be available at your ... What's left is what you need the bank to fund. Asking the ...
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No need to panic over bank crisis
No need to panic over bank crisis City experts say the crisis that ... less likely as the financial-market crisis looks set ... If you prefer unlimited access to savings, Bradford ...
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Peak Experience Pulls Plug On Hedge Fund Reform - Socio Times
... super-organized investment groups with access ... of this newsletter, however, there are limits to how many hedge funds ... to poker, he ended up robbing a bank. When panic sets in ...
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Take A Deep Breath: Some Perspective On The Financial Crisis
Lots of folks tend to shy away from distressed assets, and a good fund manager can ... These are decisions made by people with enormous access to assets, with ... when you sell the assets to the market and then an investment bank ...
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Source: Tech Dirt
NewsDateTime: 9/29/2008
B&B: end of an era
Accessibility Links Skip to content Skip to bbc.co.uk navigation Skip to search Access keys help ... will be seen as proof that the demutualisation of building societies - which began when Abbey National became a bank in 1989 ...
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Source: bbc
NewsDateTime: 9/28/2008
McCain's VP, what do you think?
... don’t think so. That’s what my parents call you’ ” (Unlimited Access, p. 90 ... To top it off she sets an excellent example for young girls and women everywhere ... strikes me is the venomous attacks coming from the democratic party...what a panic ...
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Source: Napa Valley Register
NewsDateTime: 15 hours ago
The World Newser
... this morning, and I recommended that the treasury exchange stabilization fund be ... than a year later, the storied investment house was forced into a takeover by Bank ... knees in a crisis that had lawmakers warning about the possibility of outright panic ...
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Source: ABC News Blogs
NewsDateTime: 9/30/2008
September 2008
... more than 100 Milwaukee Area Technical College students couldn’t access private loans to fund ... answers for the first time onstage, since that will often lead to panic if ... passage of a couple of provisions (raising or removing FDIC insurance limits ...
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Source: Weekly Standard
NewsDateTime: 9/30/2008
Large manufacturers have started to see their customers pull back "just in the past few weeks," due to difficulties with credit, said Daniel Meckstroth, chief economist at MAPI/Manufacturers Alliance, a research group.
The jobs and manufacturing reports disappointed Wall Street. The Dow dropped 348 points and the S&P 500 fell 47 points.
The negative economic reports could also add pressure on the Federal Reserve to cut its benchmark interest rate in an effort to bolster the economy. Many economists think the Fed could even move before its next meeting Oct. 28.
Credit markets, meanwhile, remained locked up as banks are wary of lending to each other, unsure of which might be the next to collapse.
The London Interbank Offered Rate, or LIBOR, for 3-month dollar loans rose to 4.21 percent Thursday from 4.15 percent the day before. The LIBOR is the rate many banks charge each other for overnight loans and is used as a benchmark for trillions of dollars of auto, student and other consumer loans.
Martin Regalia, chief economist for the U.S. Chamber of Commerce, said the higher short-term rates for banks make credit harder to get for everyone else.
"When you build a dam upstream, you don't get any water downstream," he said.
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