Reply #23: Our CEO Alex Sink got a hurried meeting together. [View All]

She is the wife of former gubernatorial candidate Bill McBride.

Here is the article from her website. She sends out frequent updates.

http://myfloridacfo.com:80/PressOffice/Newsletter/

"Fellow Floridian:

As some of you may know, I called for a special meeting of the State Board of Administration (SBA) on Thursday, November 29, 2007. It was essential the Board of Directors of the SBA (Gov. Charlie Crist, Attorney General Bill McCollum and I) meet to discuss the SBA’s Local Government Investment Pool. Local governments and school boards invest some of their funds in this pool, which was seeing an accelerated rate of withdrawals during the past two weeks. If continued, these withdrawals could have left some unlucky investors shouldering the Pool’s riskiest investments, possibly at a significant loss.

The Board discussed immediate actions that would maximize fairness to all current investors. At the meeting, the Board enacted the following plan:

Temporarily suspend withdrawals from the Pool;
Hire an independent financial advisor to work over the weekend and recommend a course of action to the SBA on December 4, 2007; and
Require the SBA to establish an “Investors Committee” among local government investors to develop a fair and orderly withdrawal plan.
Also, I share your concerns about shifting this unknown risk to our state’s pension fund. As your Chief Financial Officer, I take my fiduciary duty to safeguard the pensions of our many retirees very seriously.

The Board expects to implement a withdrawal plan early next week and the SBA is working around the clock to develop recommendations for the next meeting. I will provide another update on this issue next week.

Sincerely,

Alex"

Bless her.