Thursday, November 27, 2008

Thankful for small things, like the Miami Herald business page

You may think I'm not having much of a Thanksgiving when I say I'm thankful for this piece in today's Miami Herald Investors wary of state pool - Business - I'm far more thankful for many other things including the feast coming later this afternoon. But for the moment I'm happy and thankful that I'm not the only one worried about health of the Florida state money market fund for local governments and their agencies.

Yes, faithful readers, this dense story is back, and I'm still wondering why Jeb Bush hasn't been called on the carpet over this one. This blog has hacked away on this story (a link here to a post a year ago, too prescient by far in predicting the global financial crisis that is falling into Barack Obama's lap), trying to keep the questions alive:
  • Why did Jeb Bush let crappy Lehman Brothers investments sneak into the fund backing up our school boards and police departments?
  • Why did Jeb Bush become a well-paid consultant to Lehman after leaving the governor's office two years ago?
  • Why hasn't he been called on the carpet? (Oh, sorry, already posed that one.)
So, yes, thank you, Miami Herald for keeping the story alive, though I'd appreciate your putting Jeb's name in it as one of the causitive agents in this rip-off of public money. Next time, huh?

As the Herald's story started:

Last fall, a state investment fund in which counties, cities and other local agencies parked extra cash temporarily was the largest in the country, at $26.1 billion.

There was a big run on that fund and it's now down to $5.7 billion, the Herald reports, and agencies can't pull all their money out anymore. Why? Because some of the investments are still crap. Thanks, Jeb. Were you planning to run for any other office anytime in this century?

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