MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, September 16, 2010 Money Market Support Costs Schwab $130M Schwab [see profile] expects to spend about $130 million this quarter on money market losses. Chief financial officer Joe Martinetto revealed that detail yesterday in the San Francisco-based brokerage's monthly activity highlights. "The company has chosen to cover all losses recognized by Schwab money market mutual funds as a result of their investments in a single structured investment vehicle that defaulted in 2008," Martinetto stated. "Our third quarter results will include a pre-tax charge of approximately $130 million in connection with this action. Our clients currently hold $154 billion in money fund balances at Schwab." Reuters' Joseph Giannone covered the news. Printed from: MFWire.com/story.asp?s=33449 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |