"Schools and local governments in Florida who routinely deposited excess money in a state run investment fund were stunned today when the state suspended withdrawals.
This is because the nimrods who ran the fund were “investing” in extremely risky SIVs. Word got out, there was a run on the fund, now the state has slammed the door shut...
...Bloomberg TV just had an interview with a school official in a Florida town who said, I’ve got a $850,000 payroll for 230 employees to make tomorrow and no money to do it with because the state froze the money. He sounded practically in tears."
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