Florida stands to lose $1 billion because of Lehman Brothers' collapse

Source: St. Petersburg Times
A price tag is now emerging for what last year's collapse of investment giant Lehman Brothers could cost the state of Florida: more than $1 billion.
The losses could make Florida and its citizens among the biggest casualties in the biggest bankruptcy ever.
More than $440 million disappeared from the pension fund that pays benefits for some 1 million retirees and public employees.
Counties, cities and school districts face a loss of more than $300 million for roads, sewers and schools.
The state has $290 million less to pay for everything from hurricane claims to health care, community colleges and care for infants with disabilities.
While the general losses have been expected, this is the first public accounting of the magnitude of the Lehman-related public losses for Florida.
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The storied bank hired former Gov. Jeb Bush as a consultant in June 2007, five months after he left office. As governor, Bush also served as a trustee for the State Board of Administration, which invests public money.
Lehman was the dominant Wall Street broker that sold the SBA $1.4 billion of risky, mortgage-related securities that started tanking in August 2007. LinkHere

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