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State Investment Fund Withdrawals Halted

November 29th, 2007 by flanews

Governor Charlie Crist, Chief Financial Officer Alex Sink and Attorney General Bill McCollum voted to temporarily stop withdrawals from a shaky state investment fund. The three top leaders make up the State Board of Administration. Cities, counties and school boards have taken out $10 billion from the fund in the last two weeks, and $3.5 billion on Wednesday alone.

Weve seen this fund depleted by several billion dollars in the past few days,” said Gov. Crist. “There was sort of a run on it, if you will. I think our main fiduciary responsibility is to stop that from occurring. No matter whats motivating it, whether its factual or not factual. Its almost irrelevant from this point. We have a duty to be good fiduciary board members on the SBA and protect the investment of the people.

Crist, Sink and McCollum also voted for an independent adviser to look into the fund before they take any action.

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