Last week, Fidelity Investments said it would close two institutional prime money-market funds with a total of around $14 billion in net assets. That’s an ominous portent for some non-U.S. banks, which have increasingly come to rely on such funds to raise dollars they can’t easily acquire at home.
Fidelity cited volatile outflows from the funds—which invest in short-term commercial paper and certificates of deposit issued by companies—and into government money-market funds during moments of market stress. Fidelity’s retail...
How does any bank fail when they can lend out ten times more money than they actually have creating it out of nothing? Must be a lot of internal fraud. We need more bank audits starting with the Fed.
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