King County Washington = The State of Florida - SIV Debacle comes to roost

[Jeff Tumbarello]

Most here would read this and think "those IDIOTS, what were they
THINKING?".

Soon, those folks would learn the State of Florida's "investment" in the same SIV is just as toasty, but not yet "revealed" as to its real value known today.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aWkDmTv7Nwxo

Now, just how did OUR Geniuses react to the obvious in DECEMBER 2007?

Why, by freezing all trades OUT of the mess, woofing large about the future value if we just wait "IT" out, of course!

"The money will be SECURE" said the Florida State Board (of Idiots,
apparently) - see the bottom part of this page:

http://globaleconomicanalysis.blogspot.com/2007/12/sell-now-ask-questions-later.html

And So It Goes - NOBODY will lose their job over this repetitive
"blunder", instead we'll have to hear the plaintive cover story "Who
could have known?".

The Taxpayer will make up the difference in the State Retirement
System's value, so don't worry about those folks, THEY'll be just fine.