Sentinel management seeks to halt redemptions: report
NEW YORK (Reuters) - Sentinel, a money market mutual fund firm for commodities, has asked the U.S. Commodities Futures Trading Commission to allow it to halt client redemptions until it can conduct them in an orderly fashion, CNBC television reported on Tuesday.
"We had previously thought the market would return to some semblance of order and that our clients would not join in the panic," Sentinel wrote in a letter to clients CNBC said it had obtained. "Unfortunately this has not been the case."
Sentinel officials were not immediately available for comment.
_________________ "Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan "Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson “Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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