Florida

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Florida AG Demands $2.5 Billion In Escrow From BP





Florida AG Bill McCollum has officially escalated the BP fiasco to the next level. In a post on his website today, McCollum announces that  he has "sent a letter to BP asking the company to deposit no less than $2.5 billion into an interest-earning escrow account so Florida can be assured of its availability to the state and its citizens and businesses over the long-term recovery period." And now that BP is perceived as the surrogate replacement of the "all free lunch all you can eat" US government, McCollum concludes: “Based on recent estimates from an economist, Florida could ultimately see losses as great as $2.2 billion, as well as a sharp decline in employment in the industries directly impacted by the Deepwater Horizon oil spill. As Florida braces for what will likely be a staggering blow to its economy with significant impacts to our state’s workforce and the revenues of the state and local governments, it is essential that BP establish immediately a dedicated escrow account solely for the purpose of paying claims and damages to Florida and its citizens.” In other news, the Florida economy is strong and vibrant according to the Beige book.

 
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Stuy Town, Which Is On Verge Of Default, Costs Florida's Pension Fund Entire $250 Million Investment





Stuy Town, which as Zero Hedge wrote about several days ago is in dire straits and a few months away from default, has claimed its first casualty in the face of the Florida pension fund, aka State Board Administration which has disclosed a full loss on its $250 million investment. Next question: is Blackrock still carrying Stuy Town at 100 cents on the dollar for its own LP appeasement purposes (PEs heart FASB looseness)? This piece of information will likely get as much coverage on GE's propaganda central subsidiary as Chrysler missing August sales estimates by almost 20%.

 
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The Florida CRE Implosion Visualized





Has to be seen to be believed

 
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And So It Begins? Biggest Florida Bank Given 20 Days To Find Buyer Or Risk Shut Down





The biggest financial institution in Florida, $14 billion BankUnited of Coral Gables, was told by its regulator, the Office of Thrift Supervision, to find a buyer who would raise its depleted capital to acceptable levels or risk a government takeover.

 
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