Wall Street Manna

An irreverent look at Wall Street

Wednesday, December 5, 2007

Bloomberg on Orange County

"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."

http://www.bloomberg.com/apps/news?pid=20601103&sid=a3r_IRjU20O0&refer=us

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