HowardDazed and Confused- Led Zeppelin
December 6th 2007 14:54
Dazed and Confused- Led Zeppelin
You're Dazed and confused for so long it's not true;
those little darn brokers have been ripping off you;
Like Orange County in 1994;
They took your greed and looted the store;;
Now Orange County is being looted for billions more;
It's Extended fund got caught in the SIV door;
You thought it was just a mortgage situation;
Now your pension and services face penuration:
Look, the workers put in, with their hard earned pay;
Try to collect for their kid's schools, they're pushed away;
Don't know where it's going, but you see where it's been;
Sweet little baby, I want cash again!!!!!!!
Orange County California did it before, but now it's much worse. Look at Orange County, California, for example. Orange County, then the richest county in the country, actually had to file for bankruptcy over the $1.6 billion in losses it took on its derivatives bets. Now its happening again, with its Extended Fund caught with $460 million, or 20% of the fund's total $2.3 billion, in the toxic waste dumps known as Structured Investment Vehicles, or SIVs. Beyond this fund, the County has an additional $837 million in SIV "investments." Said County Supervisor John Moorlach, himself the county's former treasurer,
The Dec. 5 Boston Globe, in an article "Volatile Holdings Part of State Fund", reported that the Massachusetts Municipal Depository Trust, which holds total assets of $5.6 billion, had invested $134 million "in volatile 'structured investment vehicles.'" The MMDT fund is an investment pool meant as a place for state and municipal entities. The Day, published in Connecticut, reports that officials overseeing Connecticut's $5 billion Short-Term Investment Fund (STIF), "might soon have to dip into their reserves for the first time in the fund's 35-year history to keep cities and towns from losing their money." In Florida, indispensable services are on the verge of being closed after the state municipal fund was frozen.
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