Bank of America - Columbia Strategic Cash Portfolio
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- Bank of America - Columbia Strategic Cash Portfolio
Overview
Continuing Subprime Woes: Issues With Short-Term Money Market Funds
Columbia Management, a unit of Bank of America Corp., has closed its Strategic Cash Portfolio amid losses on asset-backed securities. According to the Wall Street Journal, the fund is currently valued at $12 billion, down from $40 billion just months ago.
News Commentary
Troubled Columbia Strategic Cash Portfolio Fund Hits Some Investors Hard
Bank of America has been the subject of intense media scrutiny lately, mostly coverage of the good kind for its $50 billion rescue of Merrill Lynch, the nation's largest brokerage firm. Time will tell if the deal turns out to be the “shining bright star” that BofA's CEO Kenneth Lewis has described it to be. If past history is any indicator, however, the same refrain was used to characterize BofA's Columbia Strategic Cash Portfolio Fund, which was abruptly shut down in December following losses on toxic asset-backed securities.
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