Randi Rhodes Message Board > Lehman bankruptcy hits Florida state pension funds

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kernaljessup

Sep 15 2008, 04:30 PM

QUOTE

http://www.mcclatchydc.com/251/story/52543.html

Posted on Monday, September 15, 2008

Lehman bankruptcy hits Florida state pension funds
By Beatrice E. Garcia | Miami Herald

The bankruptcy of Lehman Brothers, a prestigious Wall Street firm, will touch Florida's pension funds and the state-run insurer because both hold its securities.

The State Board of Administration holds $322 million in Lehman stock and bonds. The SBA manages the state's employee fund and more than two dozen other funds, including assets for the Florida Hurricane Catastrophe Fund and the Florida Prepaid College Plan.

Dennis McKee, a spokesman for the SBA, said the agency has an $84 million unrealized loss on its holdings.

About two-thirds of the securities are held by the Florida Retirement System, which includes the pension funds for local counties such as Miami-Dade and Broward. The rest is spread out in the catastrophe fund and the Lawton Chiles Endowment Fund, which helps fund Medicare....

MikeyMike

Sep 15 2008, 06:48 PM

I was just tallking about this with some fellow teachers in our planning room this afternoon. We are truly afraid for our retirement funds.

Christine

Sep 15 2008, 10:22 PM

so do you still think Florida is still in play for the republicans?

RandiLover

Sep 15 2008, 10:23 PM

I say paint the Bush library with his blood.

Christine

Sep 15 2008, 10:26 PM

QUOTE (RandiLover @ Sep 15 2008, 09:04 PM)

I say paint the Bush library with his blood.

that should work since it'll be the size of a Tuff Shed.

USA1

Sep 16 2008, 09:00 AM

QUOTE (Christine @ Sep 15 2008, 11:03 PM)

so do you still think Florida is still in play for the republicans?

Not anymore ... the retirees in Florida --- the Old Farts for McAncient, will get a wake up call !!!

kernaljessup

Sep 16 2008, 09:05 AM

QUOTE (Christine @ Sep 15 2008, 11:07 PM)

that should work since it'll be the size of a Tuff Shed.

Good one Christine.

GCurry

Sep 16 2008, 10:04 AM

Florida pension funds got caught, and that in spite of having managers with MBA, Finance watching out. Imagine if it had been individuals managing their personal retirement accounts. Our local paper published a comparison of the market caps (corresponds to stock price) for various financial companies, from end of last year, until last Friday:

AIG - went from $150B to $32B
Merrill - went from $46B to $26B
Fannie - went from $39B to less than $1B
Lehman - went from $35B to $2.5B
Freddie - went from $22B to less than $.5B
WAMU - went from $12B to less than $5B
Bear Stearns - $10B to $1B
Countrywide - $5B to $2.5B

Everyone of them saw the stock drop by at least 50% and some by more than 90%. Better not have been holding a lot of your retirement in financial services. This is why privatizing SS is a bad idea.

And this is just the first part of the "Great Unzipping", where Americans are going to get royally fucked. The rest of the unzipping will be the ripple effects of inflation, interest on the national debt, job outsourcing, devaluation of the $, etc, etc. Welcome to REPUBLICAN-LAND.

NamelessGenXer

Sep 16 2008, 02:26 PM

QUOTE (Christine @ Sep 15 2008, 11:07 PM)

that should work since it'll be the size of a Tuff Shed.

Seriously, this does bode well for Obama, and a return to sanity (i.e. regulation) in the markets. Maybe Barack/Hillary can package this with "McCain Wants to turn Social Security over to Wall Street, too" and take it on the road to FLA ?

kernaljessup

Sep 16 2008, 02:28 PM

QUOTE (NamelessGenXer @ Sep 16 2008, 03:07 PM)

Excellent point GenX.

This would be a good time to finally flush down the crapper the lets "privatize social security" bullshit.

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