Fidelity still thinking about the Treasury Guarantee program for money market funds and will decide by tomorrow

Somehow I missed this and it did not make it into the news, but Fidelity published a "letter" on October 3, 2008 on its Web site that states their current position on the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds. In essence, they say they are thinking about it and will decide by the cutoff date of Wednesday, October 8, 2008 -- tomorrow. The letter summarizes the program and also tells us that:

Fidelity believes the program is an interesting idea and is closely examining the specific details of the plan outlined this week by the Treasury Department. We will complete our analysis and announce our decision on whether to participate by the Department's October 8 deadline.

It is important to note that Fidelity's money market funds and accounts continue to provide security and safety for their cash investments. Our funds continue to invest in money market securities of high quality, and our customers continue to have full access to their investments any time they wish. Most importantly, we have been proactive in keeping our money market funds safe and in protecting the $1.00 net asset value (NAV), which has always been our #1 objective in managing these funds. That's what our clients and customers expect from us, and what we continue to be dedicated to providing for them.

Read the full letter.

-- Jack Krupansky