"Florida Investment Pool Fails to Attract Investors After Freeze" Says Bloomberg. The article states, "More than a year after Florida municipalities started pulling cash from a $27 billion state-run money-market fund because it held defaulted securities, towns and agencies still want little to do with the investment pool.... Other state funds also got stuck with high-yield, high-risk debt as the subprime-mortgage market collapsed in 2007. Connecticut's fund held $100 million of defaulted asset-backed notes and Montana's had $90 million, according to Fitch Ratings. High-yield, high-risk, or junk, bonds are rated below BBB- by Standard & Poor's and less than Baa3 at Moody's Investors Service."

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