BANKING & FINANCE - July 1, 1994
From Times Staff and Wire Reports
BofA Injects $50.5 Million Into Money Market Funds: BankAmerica Corp. said it pumped the additional capital into two money market funds it sponsors to cover losses the funds incurred in selling off securities that are believed to be exotic “derivative” investments, though the bank did not specify them as such. The capital infusion into the $680-million Pacific Horizon Government Fund and the $4.5-billion Pacific Horizon Prime Fund came on top of a $17.4-million capital addition the bank made to the Prime Fund earlier this quarter. Taken together, the infusions from corporate sources will reduce after-tax earnings for the second quarter ended Wednesday by $40 million, the bank said.
