Say Bye Bye to Your Retirement

On Florida and the Lehman Brothers. Frightening. This is from The Miami Herald:

The State Board of Administration holds $322 million in Lehman stock and bonds. The SBA manages the state's employee fund and more than two dozen other funds, including assets for the Florida Hurricane Catastrophe Fund and the Florida Prepaid College Plan. Dennis McKee, a spokesman for the SBA, said the agency has an $84 million unrealized loss on its holdings.
About two-thirds of the securities are held by the Florida Retirement System, which includes the pension funds for local counties such as Miami-Dade and Broward. The rest is spread out in the catastrophe fund and the Lawton Chiles Endowment Fund, which helps fund Medicare.