Dec. 1 (Bloomberg) -- A newly formed advisory panel composed of Florida school and local government officials with money frozen in a state-run investment pool said they won't accept a return of less than 100 percent of their investment.
Members of the new panel, on a conference call late yesterday with officials from the agency that runs the fund, rejected a proposal to survey pool participants to determine whether they would accept as little as 90 cents on the dollar of their deposits in order to access their money in December.
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School districts, towns and cities across Florida were cut off from their money after the State Board of Administration, manager of the Local Government Investment Pool, halted withdrawals Nov. 29 to stem a run on the fund. Participants pulled out almost half the pool's $27 billion in assets after learning it held $1.5 billion of downgraded and defaulted debt tainted by the collapse of the subprime mortgage market.
Fun in Montana too!
The question is - how many of these suckers were there?
...and suckers in Maine:
In August, the state invested $20 million in a commercial paper fund -- an unsecured, short-term promissory note -- with hopes of earning 5.45 percent interest over 23 days.
Midway through the investment, the Bank of New York froze the assets, tying up the state's money indefinitely.
If this is reported accurately, they were promised an annual return of around 90%!
suckers