(Reuters) - Goldman Sachs Group Inc ( GS.N ) poured more than $1 billion into two of its prime money-market portfolios this week due to heavy investor withdrawals, according to a filing with the U.S. securities regulator.
The Wall Street bank purchased $722.4 million in assets from its Goldman Sachs Financial Square Money Market Fund ( GPMXX.O ) and $301.2 million from its Goldman Sachs Fund Square Prime Obligations Fund.
Goldman, which disclosed the moves on Friday in a filing with the U.S. Securities and Exchange Commission, did not have an immediate comment.
This may worth something:
Cash and coronavirus; Here's what precautions to take when handling money, credit cards -
The best step to take after handling money during the coronavirus threat is to wash your hands and avoid touching your face. AP
CLEVELAND, Ohio -- If you're fretting about using your credit card or paper money because it might harbor coronavirus, keep in mind your money was probably germ-filled already.
Hundreds of stores across the country are going cashless to try to prevent the spread of coronavirus. The Federal Reserve is enforcing a holding period of 7 to 10 days before processing currency shipments from Asia and Europe. Banks are shutting down as part of social distancing; drive-thru ATMs are often remaining open.
Opinion | Stephanie Kelton: Just Use 'the Computer' to Give People More Money - The New York Times
We got a preview of this when Senator Elizabeth Warren, told Chris Hayes of MSNBC, "Let's learn what we should have learned from the 2008 crash." She warned, "When we do a stimulus package, it needs to be big enough to meet the moment."
"If we fail to do that," Senator Warren worried, "We're not going to get a second bite at it, politically." She offered $750 billion as an appropriate number for a stimulus package. The Senate minority leader, Chuck Schumer, reportedly agreed.
Rolling Hills congregation donates supplies, money to aid seniors amid coronavirus crisis –
The rising coronavirus pandemic is not happy news, but that doesn’t stop communities from bringing a little light in the darkness.
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There were also folders with games and activities being handed out for children to help with the boredom of being at home.
“We sent the call out Wednesday evening and the next two days we’ve just been collecting donations from our congregation,” Director of Local Outreach Marcia Trani said. “We’ve collected a little more than 500 bags for donation.”
Were you following this:
MONEY THOUGHTS: The burden of retirement: How to avoid it | New Straits Times | Malaysia General
IS your long-term retirement funding plan dependent on someone other than yourself? If so, may I politely suggest you keep reading? If you're a parent of adult children, let me ask you an easy question. (And if you aren't yet a seasoned father or mother, humour me and exercise your imagination; this a revealing exercise.)
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Don't get me wrong, I believe our ingrained Asian cultural trait of filial piety is superior to the cut-and-release family dynamic we observe in Western nations.
How Influencers Are Milking the Coronavirus for Clout and Money
It will likely surprise no one that a community often criticized for pushing laxative tea and snapping photos in front of memorials has run afoul during the pandemic as well. And true to form, some influencers both established and aspiring have responded to the global pandemic by posing in gas masks, using the virus to sell their own products, and even, in one confounding case, licking an airplane toilet.
For instance: the German YouTuber Fitness Oskar posted a photo of himself and his girlfriend (now fiancée) kissing through face masks in Thailand. "We are not afraid of the virus," he wrote, adding later, "We still enjoy our vacation and hope that this misery will be stopped soon!"
On The Money: McConnell sets first vote on coronavirus stimulus for Sunday | Five sticking points
Happy Friday and welcome back to On The Money , where we hope you and yours can enjoy a restful and healthy weekend. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.
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McConnell on Friday teed up a "shell" bill -- essentially a place holder for the agreement, if one is reached.
"I just filed cloture on the motion to proceed to a shell that will serve as the vehicle. ... Member-level discussion is going on as we speak. The goal is to reach agreements on each of the four components of the legislation by the end of the day," he said.
Why can't we dip into retirement money at a lower tax rate?
Is there any chance the proposal that you wrote in 2004 about dipping into retirement money at a reduced tax rate could now be passed?
It would stimulate the economy and generate tax revenue. In my humble opinion, we could be heading into a nasty recession and this suggestion could help big time. L.S.
However, I don't think the timing of this would be good right now. With the stock market going down, my proposal would cause people to liquidate stock positions held in their retirement plans at a time when there is already too much selling.
Happening on Twitter
Exclusive: Goldman injects $1 billion into own money-market funds after heavy withdrawals https://t.co/ejOutdIlF7 https://t.co/xmO0EcmtKU Reuters (from Around the world) Sun Mar 22 00:05:32 +0000 2020
Exclusive: Goldman props own money-market funds with $1 billion after heavy withdrawals https://t.co/IxA0ECfl8A https://t.co/JmYrF5qRbS Reuters (from Around the world) Sat Mar 21 23:15:37 +0000 2020
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