Florida Quarantines the Radioactive Securities

Florida Moves to Guard Assets:

… the pool, whose assets were hit by mass withdrawals after reports it had about $2 billion of holdings tied to wobbly subprime mortgages, could be reopened on a restricted basis as early as Thursday.

… about 86 percent of the pool's assets would be placed in one fund. A second fund would be walled off and would contain worrisome assets, totaling about 14 percent of the total. The restructuring places limits on withdrawals.

Oh, and they found the first candidate for scapegoat:

Immediately before the vote, the board's executive director, Coleman Stipanovich, resigned after seven years in the post.

Earlier posts:

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