It isn't quite clear how much the Florida fund was exposed to Big Shitpile per se, but it obviously wasn't investing in the things
it should have been.
The pool is a sort of supercharged money market fund where governments park money that they intend to use for various reasons, including operating expenses such as payroll. Most money market funds put sizable chunks of their deposits into Treasury bills, Treasury notes, federal government agency notes and certificates of deposit.
But the state investment pool had almost none of its portfolio in those super-safe investments. Instead, most of its money is in so-called corporate and commercial paper.
