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/2007/12/08/bnews/br70.txt
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