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Old 11-29-2007, 04:46 PM
Ten Ten started this thread
 
163 posts, read 297,591 times
Reputation: 67

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Florida suspends withdrawals from state investment fund -- OrlandoSentinel.com

Bloomberg.com: Worldwide

My first thought was, by what right do State officials prevent other officials accessing funds. I guess when it's all the State funds, you can do stuff like this.

It's also interesting that the State plays risk with taxpayer funds in the first place.

I wonder how this is going to play out...
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Old 11-29-2007, 07:35 PM
 
2,141 posts, read 6,339,689 times
Reputation: 588
Quote:
Originally Posted by Ten View Post
Florida suspends withdrawals from state investment fund -- OrlandoSentinel.com

Bloomberg.com: Worldwide

My first thought was, by what right do State officials prevent other officials accessing funds. I guess when it's all the State funds, you can do stuff like this.

It's also interesting that the State plays risk with taxpayer funds in the first place.

I wonder how this is going to play out...
This is almost funny, This is Florida !
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Old 11-29-2007, 11:26 PM
 
Location: Heartland Florida
9,324 posts, read 23,752,062 times
Reputation: 4900
I never even knew that the State was allowed to invest the money they take in this way! Now they want to risk the pension fund? Unbelievable how incompetant the people managing this state are.
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Old 11-30-2007, 05:20 AM
 
Location: Where the sun likes to shine!!
20,517 posts, read 26,304,395 times
Reputation: 88526
Quote:
Originally Posted by tallrick View Post
I never even knew that the State was allowed to invest the money they take in this way! Now they want to risk the pension fund? Unbelievable how incompetant the people managing this state are.
It's not only Florida. Things in this country are going to get really ugly.

Lisa
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Old 11-30-2007, 07:26 AM
 
Location: Florida
272 posts, read 1,404,462 times
Reputation: 157
From the Bloomberg article:

"Hal Wilson, chief financial officer for the school district in Jefferson County, located 30 miles (42 kilometers) east of Tallahassee, said he had decided not to pull the district's $2.7 million from the fund. He said he relied on assurances from the state board that the money would be secure for his 1,559-student school system, with 220 employees. "I might not be able to pay our employees tomorrow,'' he said, referring to his $850,000 payroll. "I am sure that those money managers who withdrew all their funds are feeling really smug right now, thinking they did the right thing. But it left the rest of us holding the bag.''

That is pathetic. I read that after Crist's inauguration some reporters tried to talk to Jeb but he said something like "I'm not the governor anymore, I'm just a regular citizen now" and jumped in his car and drove off. Now I know why he was so anxious to make a quick get away.

It's not shocking to me that FL has this type of investment pool, most states do. What is appalling is that they put so many of their eggs in the real estate basket. I guess this is the state's way of blocking a run on the state funds and possibly forcing the state closer to bankruptcy but what magic solution is Crist going to come up with now, he can't block it forever.

Things are getting ugly all over the country but when a shill for the NAR admits that Florida is the bullseye for the housing bust, you know it's not going to be pretty here.

"While home sales have dropped nationwide, they have plummeted in Florida, which NAR's chief economist Lawrence Yun called "ground zero for the housing market slump."
- Palm Beach Post
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