Funny, I don't remember San Francisco going bankrupt like the
Republican utopia that is Orange County
http://www.bloomberg.com/apps/news?pid=20601103&sid=a22h5SFL8vWU&refer=news
Dec. 5 (Bloomberg) -- Orange County, California, bankrupted in 1994 by
bad bets on interest rates, bought structured investment vehicles
similar to those that caused a run on funds invested by local
governments in Florida.
Twenty percent, or $460 million, of the county's $2.3 billion Extended
Fund is invested in so-called SIVs that may face credit-rating cuts,
said Treasurer Chriss Street. In all of its funds, the county holds a
total of $837 million of SIV debt, including $152 million in its $3.5
billion of money-market funds that isn't under ratings review, said
his spokesman, Keith Rodenhuis.
--
Yang
a.a.#28
"I can hardly wait for your head to explode when the Repubs hold onto
both houses of Congress this November. And Yang can quote me on that."
-Fred Stone, 6/14/2006
.
|
