October 10, 2008
Bank Freeze Leaves Hundreds of Colleges Cut Off From Short-Term Funds
Wachovia Bank has frozen the accounts of nearly 1,000 colleges, leaving institutions unable to access billions of dollars they depend on for salaries, campus construction, and debt payments.
The move could cause other ripples, as Moody's Investors Service announced it would review the credit impact of the bank's decision on the many rated institutions participating in Wachovia's short-term investment fund.
The freeze has some colleges worried that they won't be able to make
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