SEC investigating possible fraud by the Florida State Board of Administration
The federal Securities and Exchange Commission is investigating possible fraud by the Florida State Board of Administration, the agency that manages $132 billion in public investments for hundreds of local governments and 1 million current and future retirees.
The federal investigation centers on whether the state and three Wall Street giants misled the public about the risk and liquidity of some of the SBA's investments.The three firms that sold the troubled securities to the state are JPMorgan Chase, Credit Suisse and the now-defunct Lehman Brothers. (story here)
From the writers of the St. Petersburg Times, The Buzz offers the latest news in Florida politics. This is a public forum sponsored and maintained by the St. Petersburg Times. When you post comments here, what you say becomes public and could appear in the newspaper. You are not engaging in private communication with candidates or Times staffers.
Jeb was on the board at Lehman (or about to be on it) when it sold those crappy securities to SBA. How deep was Mac Stipanovitch?
Posted by: Jeb should be investigated | November 06, 2009 at 06:13 AM
The reporter has worked on this story for almost two years now... and she is reporting about something that happended 15 months ago... Now that is top-notch journalism for you...
Posted by: Randall Stevens | November 06, 2009 at 08:54 AM
Floriduuh!... Last in Education; First in Corruption!
Posted by: surprised?... not so much... | November 06, 2009 at 09:13 AM
Obama's fault
Posted by: Obama | November 06, 2009 at 11:19 AM
the Democrats have screwed it up again
Posted by: Florida | November 06, 2009 at 11:20 AM
That's right everyone this is a democrat problem. It has to be because we republicans run everything in this state and would never say or do anything wrong just ask Sansom and Greer. Why, I bed it is Obamas fault. Don't blame Bush even though he got rid of most banking over site. Just keep voting republican you uneducated fools.
Posted by: True Republican | November 06, 2009 at 01:11 PM
Alex Sink should be held accountable for the mess at the SBA. She's so busy eyeing her next job that she hasn't done anything with the one she has.
Posted by: Alex "What's She Done?" Sink | November 06, 2009 at 02:22 PM
This is shoddy reporting at best and false reporting at worst. The St. Pete Times knew all of this information last year except the fact that the investigation was elevated to a formal fraud investigation at the time. They just found that out. They also found out that the reason it was not disclosed is that the SEC required the status remain confidential. Of course, they conveniently left that out of the article in order to incite the public.
I will be interested to read the results of the internl investigation into the lack of journalistic ethics displayed in this article.
Posted by: Will | November 06, 2009 at 04:12 PM
Like I said it's all Obama's fault even thought the investigation started in July 2008 and the poor boy wasn't elected until Nov 2008 but it is still his fault because republicans never lie. Here come the death panels, better vote republican.
Posted by: true republican | November 06, 2009 at 07:31 PM
I'm shocked, shocked, shocked!! You mean that some of the same firms which were responsible for peddling trillions of bad mortgage paper actually LIED to officials in Florida??
Oh my God!!
Posted by: CHRIS DAVIS | November 06, 2009 at 09:00 PM
Will. Actually it is Sink feeding the reporter information to further Sink's suggestions for a revamp. But shoddy reporting definately. Why the SPTimes keeps paying her yochurn out 4 or 5 stories a year, and usually 6 to 12 months past their shelf life is beyond me.
Posted by: Randall Stevens | November 06, 2009 at 09:14 PM
I hate free speech. Let's attack what's likely the best newspaper in the nation just because they're not ownded by Murdoch and they don't toe the fascist party line.
Posted by: Randall Stevens | November 07, 2009 at 12:29 AM