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Generational Dynamics Web Log for 28-Jan-08

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Fidelity Investments salesman admits that money market funds are not safe

Fidelity Investments salesman admits that money market funds are not safe

A web site reader called Fidelity and asked.

The question was: "If Fidelity goes bankrupt, then will my money be protected?"

Here's the answer that the web site reader relayed to me:

• "If you own actual government Treasuries that they're holding for you, then you're protected."
• "But if you subscribe to a money market fund, even when it's backed by government Treasuries, then you're not protected at all." THIS NEGATES THE BELIEFS OF MANY INVESTORS WHO THOUGHT THEY WERE SAFE.
• "And besides, you have nothing to worry about, since all of Fidelity's assets are insured." Here, the salesman is referring to protection from bond insurers -- ACA, Ambac, MBIA -- that are currently close to total collapse.

As far as I can tell, the only safe places to put your money today are as follows:

• Cash, preferably stuffed into your mattress.
• FDIC-protected bank account or certificate of deposit, provided that you follow the FDIC rules.
• Government Treasuries, provided that you own them outright.
• Actual physical gold, if you're into taking risks, since gold is currently way overpriced.

For the unsophisticated investor, there are no securities today that appear to be safe.

If any other web site readers have information of this type, please let me know and I'll post it. (28-Jan-08) Permanent Link
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