Many state officials find themselves explaining investments. Montana's SIV investments called into question
| December 8, 2007 |  View for printing |
State treasurers from Florida to Maine to Montana have found themselves in the awkward position this past week of having to explain why they parked taxpayer money in some of the most opaque investments on Wall Street.
More than a dozen state-run cash pools that manage money for local governments have some exposure to mortgage-related and other high-risk holdings that roiled credit markets this past summer, according to rating agency Standard & Poor’s.
The fear now is that the same subprime-mortgage turmoil that triggered multi-billion-dollar writedowns for Wall Street’s biggest banks might trickle down to teachers, civil servants and even the vendors delivering supplies to schools because of the way public funds were invested.
By JOE BEL BRUNO of the Associated Press
Full Story: http://missoulian.com/articles/2007/ ... ws/br70.txt
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Raids on Montana investment pool reach $247M. Run on investment fund leaves Fla. cities cash-poor http://matr.net/article-26728.html
Montana's SIV investments called into question http://matr.net/article-26597.html
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