Reserve Money Market Fund Collapses as Lehman default spreads through the market’s balance sheets.

The “Reserve Primary Fund”, just saw its shares fall below $1 a share. For all intensive purposes - this means that the money market fund has collapsed. This is the first, and perhaps most cataclysmic implosion following the wake of Lehman Brother’s collapse Monday morning.

What a Lehman Brothers Bank failure could mean for the US economy and banking system.

Even if Lehman can find a buyer, the venerable bank founded by Mayer Lehman in 1850, will be gone forever. Leaving only Goldman Sachs as the final bank standing of those banks that became New York financial titans founded by Jewish immigrants of the mid 1800’s.

And the winner is…. ?

Key Points:

According to the latest Associated Press tally, Obama heads into tonight’s vote-counting in Montana and South Dakota with 2,094 total delegates, just 24 short of the number needed to secure the nomination. Clinton has 1,916 delegates.
Clinton campaign officials have said they will concede if Sen. Obama reaches 2118 this week.
Obama plans large Super Delegate [...]