There were rumors, followed by speculation about Sentinal Management Group. CNBC, Bloomberg TV, and Reuters have all confirmed the first halt in money market redemptions.
Sentinel Management Group has asked permission from the CFTC to halt money market redemptions. Sentinel’s inability to meet significant redemption requests has exacerbated the liquidity concerns that have led many to believe a real credit crunch is forthcoming.

The Dow is down 149.63 as we write this just after Sentinal’s breaking news. It is too early to tell if the two are related but when the average investor cannot withdraw from their money market account it has many people singing the blues. An SEC-registered investment advisor since 1979, Sentinel invests short term corporate and institutional funds for capital preservation, daily liquidity, and high money market yield.