Well it was only a matter of time. The place where I was born and raised has announced that 20% of their assets are in SIVs, those wonderful little packages that are littered with subprime slime. From the county that went bankrupt in 94, this admission from Orange County, CA shouldn't be a surprise.
There was something funny in the bloomberg article. Check out this quote.
``We don't have the same kind of debt that Florida has,'' said Paul Cocking, the chief portfolio manager for the county. ``They're all highly rated assets.''
What a joke. We'll see how highly their rated when Moody's has time to really look at them. Has this clown even looked at what Florida's SIVs were rated a couple months ago?
The education in risk continues.