Bank freezes funds, markets plummet on sub-prime fears

USA Today

08/10/07

For investors, the only thing worse than bad news is uncertainty, and thanks to a French bank’s decision to freeze $2.2 billion in funds Thursday, uncertainty rocked the markets and sent the Dow Jones industrials tumbling 387 points to 13,271. BNP Paribas said in a statement that it barred the doors on three funds that were invested in subprime mortgages because the bank didn’t feel it could calculate a fair value for those assets. Two financial services firms in Germany have also halted redemptions from funds connected to the U.S. subprime market. Those moves come on the heels of the collapse of two Bear Stearns hedge funds that were heavily invested in subprime mortgages...

//www.usatoday.com/money/markets/2007-08-09-subprime-fear_N.htm


Informant: Thomas L. Knapp



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