This page has been archived and commenting is disabled.

Institutions Scream Ahead Of Imminent Death Of Money Markets

Tyler Durden's picture


Previously we explained on at least two occasions (here and here) why the upcoming death of the US money market industry is not greatly exaggerated: quite simply, as we wrote back in 2010, the Group of 30, or the shadow group that truly runs the world (see latest members) decided some time ago that it would rather take the "inert" $2.6 trillion held in money markets, and not used to boost the fractional reserve multiplier, and instead have it allocated to such more interesting markets as bonds and stocks. As a reminder, Europe already achieved this last month when it cut its deposit rate to zero leading to a sequential shuttering of money market funds. The Fed, however, has to be far more careful to not impair the overnight General Collateral repo market which as everyone who understands the nuances of Shadow Banking knows is where all the bodies are buried, and as such has been far more careful in implementing such a shotgun approach. Instead, Ben, the SEC, and the Group of 30 have adopted a far more surgical approach to destroying money markets: they want investors themselves to pull their money by implementing such terminally destructive measures as floating NAV, redemption restrictions and capital requirements, which will achieve one thing - get the end user to pull their money from MM and put the cash either into either deposits, where it can then proceed to be "fractionally reserved" into the banking system, or to boost AMZN's 250+ P/E. After all the number under observation is not modest: at $2.6 trillion, this is almost 20% of the market cap of the US stock market. So it was only a matter of time before major money market institutions, in this case Federated first, but soon everyone else, starts screaming and warning that money markets are about to die (which they are). 

Of course, at the end of the day, whatever the Group of 30 wants, the Group of 30 gets: goodbye money market funds (more here). It was nice knowing you.

Dear Financial Professional,


Over the past 40 years, money market funds have become a staple of the US economy, used by millions of investors, businesses, state/local governments and non-profit organizations as a stable, efficient and liquid cash management vehicle.  Unfortunately, if Securities and Exchange Commission Chairman Schapiro has her way, that may not be the case for much longer, as the SEC is poised to consider a set of proposals that would be the death knell for money market funds.


Federated has been very active in the battle to save money market funds and I am pleased to report that we are not alone.  In addition to a host of financial services companies, hundreds of corporations, business groups, state/local governments and non-profits have written to the SEC to express their support for money market funds and to oppose Chairman Schapiro’s proposals.


There are three proposals being promoted by Chairman Schapiro and other Washington regulators – a floating NAV, redemption restrictions and capital requirements – each of which would destroy the very foundations that make money market funds so effective and popular. 

  • Replacing the stable $1.00 net asset value, which has been the hallmark of money funds, with a floating rate NAV would create accounting nightmares for all users, requiring the tracking and reporting of fractional changes in share price each time shares are bought or sold. 
  • Instituting redemption restrictions would prohibit money fund users from having full access to their investments when they want it or need it.  Such a freeze would also cripple sweep accounts, check-writing and a number of others features that money market fund users depend on.
  • Requiring money market funds to maintain “capital buffers” or reserves would further limit the attractiveness of money market funds, particularly in the current low interest rate environment.


It is crunch time. The SEC is getting ready for a public meeting on these proposals.  We need the help of everyone who knows the benefits of money market funds and their importance to the economy.  Federated has developed a website that  provides you the ability to contact the SEC and other officials to let your voice be heard in support of money market funds.  You can visit to tell the Washington regulators not to destroy money market funds.


I truly appreciate our relationship and your consideration of helping Federated and money fund users everywhere in this important matter.




J. Christopher Donahue
President and Chief Executive Officer
Federated Investors, Inc.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 08/14/2012 - 12:14 | 2704004 fightthepower
fightthepower's picture

Fuck you Bernanke!

Tue, 08/14/2012 - 12:18 | 2704015 Comay Mierda
Comay Mierda's picture

just wait til all redemptions, of any asset, are restricted

change you can believe in

Tue, 08/14/2012 - 12:33 | 2704030 TruthInSunshine
TruthInSunshine's picture

The Ben Bernank & Chuck "F*ck Flyover Country 'Cuz I Represent Wall Street Yo" Schumer say "support our efforts and be Patriotic; buy equities [near the top of the glorious mountain] in the latest hot-beef injected bubble to support Liberty!"

Tue, 08/14/2012 - 12:34 | 2704066 Pladizow
Pladizow's picture

Fuck em - Let the MMF die!

All that money rushes to bank deposits and through the magic of Fractional Reserve Banking, Gold soars!
Tue, 08/14/2012 - 12:48 | 2704116 The Big Ching-aso
The Big Ching-aso's picture



I'd like 2 invest in a Marijuana Market Fund where at least I'm guaranteed a high return.

Tue, 08/14/2012 - 12:51 | 2704128 Pladizow
Pladizow's picture

It will just go up in smoke!

Tue, 08/14/2012 - 12:55 | 2704138 The Big Ching-aso
The Big Ching-aso's picture



Ya, but at least you're left with roaches.

Tue, 08/14/2012 - 12:58 | 2704150 fuu
fuu's picture

There is never just one roach.

Tue, 08/14/2012 - 13:04 | 2704168 The Big Ching-aso
The Big Ching-aso's picture



You must be very familiar with Malibu parties.

Tue, 08/14/2012 - 13:49 | 2704363 Thomas
Thomas's picture

You cannot force funds out of money markets into stocks because, to state the obvious, the sellers will simply return it to the money markets. You can, however, force it into deposit accounts. I am stunned at how many years the "you sell-I buy" mantra needs to persist before people get the idea that money is not consumed buying stocks (although it sure feels like it.)

Tue, 08/14/2012 - 12:52 | 2704133 zaphod
zaphod's picture

Shows you how dumb bankers are. They actually believe the only 2 things people could do with their money after pulling it from MM funds is a) Stocks or b) deposits.

They'll probably be honestly suprised when one day people go for options c) gold and take their money out of the system

Tue, 08/14/2012 - 13:07 | 2704174 francis_sawyer
francis_sawyer's picture

Or buy AMMO with it... Like, um... NOAA

Apparently it's real important for the weatrhermen at the Weather Service to be heavily armed...


Tue, 08/14/2012 - 14:10 | 2704439 Cthonic
Cthonic's picture

Depends on the type of "Weathermen". You see where TSA ordered 700lbs of RDX?

Tue, 08/14/2012 - 15:25 | 2704734 francis_sawyer
francis_sawyer's picture

Oh those wacky weathermen... Always lookin' for the PERFECT STORM... As for the 'TSA'... Words fail me in this moment... RDX? Really?

Looks to me like a private militia is being constructed by spreading the expenditures for this shit across multiple agencies (which will, 'surprisingly', go missing from the various storage facilities at some point)...

Tue, 08/14/2012 - 16:22 | 2704931 BRoquet100
BRoquet100's picture

And there was another article there: that says the former head of Marylan'd TSA is the president of the firm that won the award to provide the explosives!

Wed, 08/15/2012 - 09:05 | 2706371 Cthonic
Cthonic's picture

Oh so there is competition in the GIC (goon industrial complex); I thought the Chertoff Group had it all wrapped up.

Tue, 08/14/2012 - 13:33 | 2704303 hungrydweller
hungrydweller's picture

I took all of my MMF deposits and bank CDs and converted to gold, bullets and food several years ago.  Hell, if I am earning a pittance at least I can sleep better knowing I am keeping pace with true inflation.

Not rocket science.

Tue, 08/14/2012 - 17:23 | 2705060 Nobody For President
Nobody For President's picture

d.) Food stockpile

e.) guns

Tue, 08/14/2012 - 13:41 | 2704340 aerojet
aerojet's picture

I have a lot of cash in MM funds all over the place.  I'm getting 0% interest on all of them.  I might as well move into metals since I'm looking for return of capital not return on capital at this point.  Just a few years ago MM funds were paying 6%. 

Tue, 08/14/2012 - 13:47 | 2704354 JR
JR's picture

The bankers have reached the summit. Restriction on the use and withdrawal of cash is ultimate control. 

It offers the Cabal the final benefit of their Federal Reserve System: “There can never be another run on the banks, because it is now illegal to demand currency.” – G. Edward Griffin

Global totalitarianism! high-tech feudalism!

Tue, 08/14/2012 - 12:16 | 2704007 fuu
fuu's picture

30 is most of a deck of cards, we just need to come up with another 22 names to complete the financial terrorists deck.

Tue, 08/14/2012 - 12:25 | 2704032 i-dog
i-dog's picture

Shouldn't be too hard.

BTW, at least 24 of the 'Group of 30' are Jews or Catholics - mainly Ashkenazim and the Khazarian Klique at the Kollapse Kontrols!!  Just sayin'....

Tue, 08/14/2012 - 16:13 | 2704908 falak pema
falak pema's picture

you are playing the same violin as the man from joyful; like the man from Uncle. Its all about KKK...khazar konspiracy kabal, sounds like the land of those other debased men, the Tatars; the bogey men of the 17th century, remnants of Genghis's violent legacy. Every age has its bogey man and Catharsis sings their demise in 'god wills it', in after the event holocaust tears. Revised into 'false holocaust' to appease populist guilt. ' We never killed the APACHE, THEY KILLED THEMSELVES!' History repeats since the fall of Troy and the rape of Trojan women. Oh, but we never RAPED them intentionally; it all happened as manifest destiny, KISMET! Who can fight his destiny. They were destined to die as people who did not deserve to survive the Deluge and be reuscitated in Noah's arc!

Its coming that block buster! With Hollywood's best and brightest! Russel Crowe! 

Anything to revive the myth of superior man, the chosen few like the happy few of Oligarchy strain!  Democracy's bain and simple man's pain in the ass! Play on and let the gods laff and laff as the hills reverberate at his hubris. 

Not that I love the jesuits or the jews; but I don't make bogey men of them. I let History do it for me, based on fact not on superstition and prejudiced extrapolation. 

Tue, 08/14/2012 - 12:27 | 2704047 LongSoupLine
LongSoupLine's picture

very easy...just add the remaining top tiers of the TBTF's and CB's.

Tue, 08/14/2012 - 12:48 | 2704118 Nadaclue
Nadaclue's picture

Leave some room for Wolfawitz, Kissinger, Soros, Buffett, Gates, Dimon, Vamp Squid estrordinare and a few other notables.

Tue, 08/14/2012 - 12:50 | 2704125 DeadFred
DeadFred's picture

You're just adding names to the top management list. The real players are the guys these thirty+ names get their orders from. The real "THEY" are the owners, not the CEOs. Pure conjecture who they are but you have to know it's not this thirty names.

Tue, 08/14/2012 - 12:17 | 2704011 vinu02
vinu02's picture

Few more weaks before we seen another stock market crash.

Tue, 08/14/2012 - 17:25 | 2705068 Nobody For President
Nobody For President's picture

'weaks' is right...

Tue, 08/14/2012 - 12:21 | 2704020 disabledvet
disabledvet's picture

Eh. Big woopty doo. Sure..."sucks to be Federated." maybe if they put out an interest rate that reflected the massive risks they take everyday. Anywho "the bailouts of 2008 were all about the Commercial Paper market" and not money market funds...per se.

Tue, 08/14/2012 - 12:21 | 2704023 Confundido
Confundido's picture

Very interesting....Back in July 2nd, this guy warned about the importance of this. Read: "Why the repo market will take us to the end of this crisis":

and subsequent revision, 2 weeks ago, if UST floating rate notes are back:

Tue, 08/14/2012 - 12:22 | 2704024 yogibear
yogibear's picture

Bernanke and the Fed banksters are trying to force everyone onto risky assets. First money markets, next savings, then 401Ks/IRAs.

Grabbing everything they can.

Tue, 08/14/2012 - 12:22 | 2704025 Cognitive Dissonance
Cognitive Dissonance's picture

You'll have to pry my money market fund from my cold dead hands.

Wait.........let me rephrase that.

Tue, 08/14/2012 - 12:22 | 2704026 slaughterer
slaughterer's picture

<< go short ES today

<< wait until shorting ES

Tue, 08/14/2012 - 12:54 | 2704137 DeadFred
DeadFred's picture


Tue, 08/14/2012 - 12:23 | 2704037 russwinter
Tue, 08/14/2012 - 14:16 | 2704461 JR
JR's picture

Russ, you report:

"The lack of income has kept older people in the labor market longer at the expense of  younger people. For households this is not a zero sum game, it is a negative sum game.  WSJ reports insurers are offsetting income lose with higher premiums.   

"In 2011, life insurers invested 40% of their capital in corporate and foreign bonds,. 'High quality corporations financing at 2% yields is clearly not helpful to insurance companies struggling to meet investment targets,' said Thomas Mercein, global head of debt capital markets at Credit Suisse. Property and casualty insurers have moved to protect profits hit by lower yields on their investments by charging their customers more, said Michael Siegel, head of insurer asset management at Goldman Sachs Asset Management. The cost of home and renters insurance rose 3.2% in June over the previous year compared to a 1.5% increase in 2011, according to the Bureau of Labor Statistics."

I would add that open border entry of Third World labor into labor markets such as California's has been at the expense of young, student-age people. Most fast food businesses in my area, except In-n-Out Burger and Pizza My Heart, employ no young white people. None! One local McDonald's recently displayed a sign: Now Hiring: Must Speak Spanish; with others, it's a tacit agreement.

Great article, by the way.

Tue, 08/14/2012 - 12:24 | 2704038 wcvarones
wcvarones's picture

Money markets are for suckers in ZIRP World.   Why take credit risk for zero yield?

Buy T-bills or FDIC-insured CDs or savings accounts.

Tue, 08/14/2012 - 14:49 | 2704562 Things that go bump
Things that go bump's picture

My resources, such as they are, do not go into their system.  My income, such as it is, flows in and out of a debit card the same day though they still manage to squeeze a few bucks out of me, and believe me I now make very little and spend less.  I pay my bills in cash.  I practice civil disobedience every single day and expose myself to the possibility of being arrested.  Sooner or later I expect that I will be arrested.  And if and when they arrest me, it is going to cost them. No plea deals for me.  No house arrest with an ankle bracelet.  They can house me and feed me and clothe me and pay my medical expenses.  They can hire a lawyer for me and pay a judge and a prosecuter and a court reporter and bailiffs and 12 people to sit through a trial and they will never get a lick of work out of me.  This much I can do.  I am divorced.  My children are grown.  I have no hostages to fortune.  Vive la resistance. 

Tue, 08/14/2012 - 17:20 | 2705055 ZeroAvatar
ZeroAvatar's picture

Man, Things that go bump, I can feel ya, bro.  But:  believe me, you DON'T want to spend time in the jail system.  The uneducated, ne'er do well, low-life diversity in those places will make you go insane. 


Stay free.  Don't let THEM win.  We need you out here, brother.

Wed, 08/15/2012 - 03:21 | 2705142 Things that go bump
Things that go bump's picture

Thanks, but no mas.  

"First they ignore you.  Then they laugh at you.  Then they fight you.  Then you win."  Mohandas K. Ghandi.

Tue, 08/14/2012 - 20:08 | 2705394 Nobody For President
Nobody For President's picture

True dat Things that go bump, listen to zero a - I spent a little time in the joint - meditation practice helps (I'm a Buddhist - a bad Buddhist, but a Buddhist neverthelessl), and the joint is a mind-deadening place. Prepare if you must, but best to stay clear and continue the fight outside.

Tue, 08/14/2012 - 22:23 | 2705696 Things that go bump
Things that go bump's picture

You do understand the concept of civil disobedience and what it entails don't you?  It was widely practiced during the civil rights era of the 60s.  

Tue, 08/14/2012 - 12:24 | 2704040 AGORACOM
AGORACOM's picture

Add in the repercussions of the Sentinel decision (this is a must read) and the powers that be may inadvertantly be driving citizens to finally put their money into gold.

As I've said before  .... move to Canada.

George ... The Greek ... From Canada

Tue, 08/14/2012 - 12:25 | 2704044 Whiner
Whiner's picture

Oh my! Who will buy closing MM's bonds? Oh, who else, the CBs and FOMC et al. Not Bill Gross. All will be well sheeple. What's on Dancing With The Zombies tonight?

Tue, 08/14/2012 - 13:03 | 2704166 DeadFred
DeadFred's picture

Season 15 with its best-of-the-best cast doesn't start until its two hour premier on September 24. How can we wait until then? Will Apolo dominate once again? My heart is aflutter!

Tue, 08/14/2012 - 12:26 | 2704046 Dr. Engali
Dr. Engali's picture

When the time comes we can take that poster of the group of 30 and hang it in every Post office location and offer a reward for the world's most dangerous criminals. I'm sure we could add a few names and make a deck of cards.

Tue, 08/14/2012 - 14:45 | 2704575 Things that go bump
Things that go bump's picture

Post office will be gone by that time.

Tue, 08/14/2012 - 16:00 | 2704874 mick_richfield
mick_richfield's picture

We will repurpose the buildings and call them...

...Well, I guess we'll just call them Post Offices.

Or maybe calll them UPS Offices.

Tue, 08/14/2012 - 12:27 | 2704048 ParkAveFlasher
ParkAveFlasher's picture

I just advised my mother-in-law to pull $25,000 out of her BOA money market account, which she then deposited [temporarily] to checking.  I suppose the next step is into either cash or bullion.  Or perhaps, wait for the next massive-steaming-Black-Swan-shitpile to hit equities dead center, and then BTFD.  Thoughts?

Tue, 08/14/2012 - 12:42 | 2704085 Dr. Engali
Dr. Engali's picture

Well anybody who has money with BAC is nuts. They transferred 75 trillion dollars worth of derivatives over tho the bank holding side. That means if something happens your MIL is up shit creek, because her money will be vaporized. You'd be better off in cash if you want to be liquid. I'd be a little wary about waiting for the big deflationary crash before purchasing any PMs. If people start scrambling for PM's they may not be there.

Tue, 08/14/2012 - 20:23 | 2705410 Nobody For President
Nobody For President's picture

Suggest she buy a home safe and put  10 or 15 k in 20s and 50s in it. After due research, I bought a Cobalt - there is another brand with more models and cheaper - lots of plastic in them though, they would do in a pinch. (But not in a home fire...)

Whatever she gets, bolt it down to the floor - mine weights 90 pounds, but could still get scooped up and hauled off for later demolition - not so easy now that it is bolted down. There are also smaller ones that can be concealed in the wall, whatever.

A little bit further out, but maybe mom-in-law is in shock enought that her MM fund has died, is to get a few tubes of silver dollars for her new safe - about ~$600 these days. Just in case fiat goes to hell.

Tue, 08/14/2012 - 12:27 | 2704049 f16hoser
f16hoser's picture

If you don't have a 4-8 week supply of "CASH" at home you're missing the bigger picture. Note: don't base your financial survival on CNN/FOX/CNBC/MSNBC, Etc..... Their paid schills for the System.

Tue, 08/14/2012 - 12:35 | 2704069 fightthepower
fightthepower's picture

Why would you do that when your money is safe in a bank?

Tue, 08/14/2012 - 12:55 | 2704141 Nadaclue
Nadaclue's picture

lol, once the "your" money hits the bank, it is no longer "your" money. Just ask Sentinal customers.

Hrmm, seems to me the judge agrees with "you didn't build that, somebody else did" meme.

Tue, 08/14/2012 - 13:08 | 2704180 DeadFred
DeadFred's picture

The Sentinal case judge probably opened the Email from 'Lolita'

Tue, 08/14/2012 - 12:30 | 2704058 buzzsaw99
buzzsaw99's picture

mary s. is an evil sheepdog

Tue, 08/14/2012 - 12:31 | 2704061 LongSoupLine
LongSoupLine's picture

"suck it up" - Charlie Munger to the middle class

"suck it" - Buffet to Becky Quick

Tue, 08/14/2012 - 13:08 | 2704178 fuu
fuu's picture

Becky wants more tool.

Tue, 08/14/2012 - 12:31 | 2704062 Jim in MN
Jim in MN's picture

All paper assets are for suckers.  Repeat after me: ZERO REAL RETURNS ACROSS ALL MAJOR ASSET CLASSES. 

And that's if you're lucky.

That is why we are fucked, darlings.  Corruption = TBTF = no mark to market/unreality of markets = Japanification = Lost Generation.

It doesn't matter if you sit in cash or money markets as their value erodes.  It makes no difference if you buy into bond funds, or go long NetFace or OilBurn stock, or try fancy-pants options.

You are just as fucked.

All you can do is pay debt, save more, get real assets, and/or stay diversified in paper of various kinds but (and this is critical) WITH REALISTIC RETURN EXPECTATIONS, i.e. more or less zero.  The diversification is only for capital preservation purposes, to minimize losing all eggs in one basket.

But make no mistake: The predator finance/political class will suck all the eggs.  Just a question of degree and timing.


Tue, 08/14/2012 - 14:42 | 2704558 Panafrican Funk...
Panafrican Funktron Robot's picture

This is reality.  Everything else is fantasy.

Tue, 08/14/2012 - 12:34 | 2704065 Bam_Man
Bam_Man's picture

Why anybody would have their money in a Money Fund that is uninsured and yields 0.05% is totally beyond me. And now there is talk of letting the NAV's "float" (go below $1.00/share) to boot. This is a perfect example of how the financially unsophisticated are constantly exploited via "bait-and-switch" by the industry. No fiduciary responsibility whatsoever anywhere in the system. Customers truly are "muppets" to these thieves.

Tue, 08/14/2012 - 13:34 | 2704307 Cthonic
Cthonic's picture

As I understand it, these are the closest thing to a cash equivalent that some 401k plans offer.  In effect closest to cash they can get will be some (opaque) short term bond fund.

Tue, 08/14/2012 - 12:34 | 2704067 YesWeKahn
YesWeKahn's picture

The Ben guy destroyed everything, one day we will destroy him.

Tue, 08/14/2012 - 12:39 | 2704091 Atomizer
Atomizer's picture

Just send Daddy Fluffer aka [Turbo Timmy] over to the south pacific rim.

Tue, 08/14/2012 - 13:00 | 2704156 GubbermintWorker
GubbermintWorker's picture

I took my money out of money markets and bought physical gold,silver, food stores, and lead....Take that you fukkers!!

Tue, 08/14/2012 - 13:00 | 2704157 scatterbrains
scatterbrains's picture

So as they prod all the sheep out of MM's and into equities I'll assume the crooks will check out of the equity hotel. Can't imagine the slaughter that will occur shortly after that. Is this the real reason why they prop the equity market up so they can buy time before the slaughter? If so can this maneuver be used to time when the next market collapse will occur ?

Tue, 08/14/2012 - 13:00 | 2704159 DOT
DOT's picture

Any money that's stayin'

Is going to start strayin'

Tue, 08/14/2012 - 13:01 | 2704160 Count de Money
Count de Money's picture

Since the NYT is in the tank for Obama, there's no surprise that they're is talking this up. This would be a friggin disaster if they did this. Most MM's are paying close to zero because they making close to zero (thanks Helicopter Ben). In fact, most companies are subsidizing fund expenses to bring the rate up to zero. Otherwise, most of these funds would be paying negative rates. There's still always the mattress.

Tue, 08/14/2012 - 18:23 | 2705175 rayduh4life
rayduh4life's picture

Yep to the subsidizing, count de money.  Received a letter from Chuck swab dumping us as clients (through another entity) because we had too much cash and didn't trade/buy enough.  Chuck said they were tired of subsidizing us.  Likewise Chuck! 

Tue, 08/14/2012 - 13:07 | 2704176 No Euros please...
No Euros please we&#039;re British's picture

So, 30 names on the list? Any addresses?

Tue, 08/14/2012 - 13:38 | 2704327 Miss Expectations
Miss Expectations's picture

A list Celebrities (AKA Friends of Obama) homes outside the US:

Brad Pitt (France)

Johnny Depp (France)

George Clooney (Italy)

I'm sure I could get 30, but it's too depressing.

Tue, 08/14/2012 - 14:16 | 2704442 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Amazing find, Miss!


Too bad your post is completely pointless... apart from the point of Brad Pitt and Johnny Depp appearing to live in exactly the same house! Room-mates?


Oh, and that villa that's supposed to be Clooney's is actually Villa del Balbianello (not Clooney's). You know, what was in Casino Royale. That one.




Tue, 08/14/2012 - 14:33 | 2704523 JR
JR's picture

 Oh, I dunno. California just gave $100 million in tax rebates to Hollywood film makers. In addition the state “provides a 20% to 25% tax credit for certain production costs on low-to-mid-budget movies and TV shows that meet other criteria.” It's all in a June issue of the WSJ.

Here’s the excuse: “Declining theater attendance and crumbling DVD sales have squeezed profit margins in the movie business, making tax breaks an essential part of producers' calculations about where to film.”

In response: “A total of 44 states, plus Puerto Rico and Washington, D.C., now offer filmmakers incentives of some kind, according to the Motion Picture Association of America.”

So Miss Expectations did help pay for Pitts’ place, rather she liked it or not.

And, oh yes, not to be forgotten, the U.S. Treasury's IRS arm also gives Hollywood favored tax treatment.

Tue, 08/14/2012 - 16:25 | 2704937 falak pema
falak pema's picture

thats Miraval... once upon a time it belonged to a musician ! now it belongs to Brangelina! 

They make honest rosé wine there but THAt has nothing to do with Brangelina! 

Tue, 08/14/2012 - 13:46 | 2704349 BlackSunshine
BlackSunshine's picture

Lever up, when the system locks up, the giant reset happens, and you can own your mercedes and new home free and clear. LEVER UP BITCHEZ....but don't pay your monthlies.


...oh wait, we're already beyond that phase. 

You have now entered the twilight zone.

Tue, 08/14/2012 - 14:04 | 2704417 JohnKozac
JohnKozac's picture

Invest in any money market fund at your own risk. Remember The Reserve MMF meltdown?


The Reserve Fund's collapse was bad news for money market fund providers on a variety fronts.

Read more: ...and that begs the question (esp post-MFG and PGH): Is your money safe?



Tue, 08/14/2012 - 15:00 | 2704651 Emperor
Emperor's picture

We have been talking about imminent collapse now for 4 years.

Tue, 08/14/2012 - 16:21 | 2704927 falak pema
falak pema's picture

some hard-ons take time. Its all a question of how many blue pills are ingurgitated. Botox and plastic surge help to save face and naked ass. Ask the Fed and the ECB! The MIC is strong on surge too! Purge and surge, the way to go in Syria and Iraaaaaaan!

Tue, 08/14/2012 - 18:14 | 2705145 bunnyswanson
bunnyswanson's picture


Be patient.


FRANCE: Rioters have shot at police during a wave of violence that swept part of the northern French town of Amiens.


Youths pulled drivers from their cars, stealing the vehicles, and burned a school and a youth centre.

Read More

Tue, 08/14/2012 - 15:03 | 2704659 Fruffing
Fruffing's picture

Bummer 'bout your stock Chris...

Tue, 08/14/2012 - 15:03 | 2704660 Fruffing
Fruffing's picture

Bummer 'bout your stock Chris...

Wed, 08/15/2012 - 00:16 | 2705898 huckman
huckman's picture

Donahue, Grow up and, oh yes- Bite me.


Do NOT follow this link or you will be banned from the site!