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Old 12-01-2007, 08:18 AM
The once and future king The once and future king is offline
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Default Florida Schools Struggle to Pay Teachers Amid Freeze

Surprised no one has mentioned this.

[ QUOTE ]
``The unthinkable and the unimaginable have just happened here in Florida,'' said Hal Wilson, chief financial officer of the Jefferson County school district, located 30 miles (48 kilometers) east of the state capital Tallahassee. ``What we just experienced here is a classic run-on-the bank meltdown.''

Florida's State Board of Administration, manager of the Local Government Investment Pool, halted withdrawals yesterday at an emergency meeting after $13 billion was pulled out this month from participants. Governments from Orange County, home of Disney World, to Pompano Beach asked for their money back following disclosures that the fund held $1.5 billion of downgraded and defaulted debt.

[/ QUOTE ]

State investment plan is suspended.
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Old 12-01-2007, 11:37 AM
ConstantineX ConstantineX is offline
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Default Re: Florida Schools Struggle to Pay Teachers Amid Freeze

I had read this, I had no idea it involved the immediate payrolls of schools though. It's pretty opaque though as to what exactly the fund was invested in; perhaps I'm naive but I would have that the sort of banks/credits overseeing the funds would "guarantee" these SIVs and bail them out by assuming any losses on their balance sheets for reputation.
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Old 12-01-2007, 11:45 AM
canis582 canis582 is offline
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Default Re: Florida Schools Struggle to Pay Teachers Amid Freeze

I don't have any experince investing other people's money, but this looks pretty easy. Invest in A AA and AAA. Muni bonds etc.
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Old 12-01-2007, 02:29 PM
tomdemaine tomdemaine is offline
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Default Re: Florida Schools Struggle to Pay Teachers Amid Freeze

Odds that the bureaucrats are still getting paid?

It's so predictable, their running out of money so they cut frontline services rather than the huge waste than goes on up the chain. Then it's all oooh we need more of your money won't somebody think of the children? And the extra money gets spent on more wasteful teat sucking bureaucrats.
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