Florida Schools Struggle to Pay Teachers as Investments Frozen

Discussion in 'Wall St. News' started by ASusilovic, Nov 30, 2007.

  1. School districts, counties and cities across Florida are scrambling to raise cash after being denied access to their deposits in a $15 billion state-run investment fund.

    Florida's State Board of Administration, manager of the Local Government Investment Pool, halted withdrawals yesterday at an emergency meeting after $12 billion was pulled out this month from participants. Governments from Orange County, home of Disney World, to Pompano Beach asked for their money back following disclosures that the fund held $1.5 billion of downgraded and defaulted debt.

    ``The unthinkable and the unimaginable have just happened here in Florida,'' said Hal Wilson, chief financial officer of the Jefferson County school district, which kept its entire $2.7 million of cash in the fund. ``What we just experienced here is a classic run-on-the bank meltdown.''

    Thousands of school districts, towns and fire departments across the U.S. keep their cash in state- and county-run pools. These public accounts, modeled after private money-market funds, are supposed to invest in safe, liquid, short-term debt such as Treasuries and certificates of deposit from highly rated banks.


    Oopsss...Teachers can´t be paid ? Too bad !
  2. Teachers should be among the highest paid professionals. There are some bad ones for sure, but there are some damn good ones too. Florida needs to get their shit together. ( I am FL res, and no I have no affiliation or relationship with any teachers...I am pretty new here in Sunny FL).
  3. that's a pretty big ambiguous group dude, maybe you should reformat :p

    they should be no where near the highest paid.. get real. maybe another 10K or 20 per year on avg buts that's all
  4. bgp


    everything is going to be ok . the fed will solve all problems . that was just an aberration. :) anyways who cares, the stock market is up, know more problems.


  5. Bob111


    looks like it depends on district..in our they got close to six digits a year and demand more couple years ago..


    Average teacher salary: $75326
    Teacher salary range: $36219 - $90156
    Average administration staff salary: $103388
    Administration staff salary range: $75000 - $142000
  6. Retired Teachers, Cops, Firefighters and Municipal Employees will be the first to be denied a retirement check.
    Then it'l roll UPHILL.
  7. Ahh, true, I meant as far as government workers, not like CEO's and shit. heh heh my bad.
  8. Damn, I see what you mean, here in Pensacola I hear it's significantly less.

    That's some pretty big disparity in the salary ranges too. LOL
  9. The same laws of supply and demand apply to pay rates for workers. Everybody and their mom wants to be a teacher because they get the summer off and they want to help kids. If everybody in their mom wants to line up to take the job then it doesn't make sense to pay them the same wages for harder, less desirable jobs
  10. Yeah my bad on not thinking it through, I guess it's just one of those moral pipe dream things. lol

    Good point.
    #10     Nov 30, 2007