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Cash Investors Hoping for Breaks in Florida LGIP Deep Freeze, SIV Slide. Local Florida governments with their cash frozen in the State Board of Administration's Local Government Investment Pool are hoping for leadership, possibly in the form of a state guarantee, today as an advisory committee considers outside advisor BlackRock's recommendations on supporting, reopening and/or liquidating on what was the country's largest LGIP. While Florida appears to be in a league of its own with troubles, Bloomberg and others continue to look for other pool troubles, such as Connecticut and Montana. (Visit the Florida Board's website for today's meeting agenda and recommendations. Also look for Peter Crane discussing the issue on Bloomberg TV and radio Tuesday a.m.) Money market mutual fund investors are also hoping for some relief from the continued turmoil in the structured investment vehicle (SIV) market. Moody's recent downgrades and warnings, while expected, certainly haven't helped matters in the besieged sector. Orion Funding is the latest target of concern. While a minor SIV, held by only a handful of funds, the industry could use some good news in the form of the M-LEC or a Citi backing.
