US - A full audit into the financial dealings of the State of Florida and the Florida Retirement System (FRS) has been launched after panic over sub-prime backed assets caused a US$13bn run on the State's money market fund.
The Local Government Investment Fund, a state-run vehicle that provides short-term cash holdings, shrank from $27bn in early November to $14bn, and was shut for a week before reorganisation. Fidu...
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