|Published:||Sep 20, 2010 4:11 PM EDT|
|Updated:||Sep 20, 2010 1:12 PM EDT|
TALLAHASSEE, Fla. (AP) - A Florida newspaper says public records dispute a state agency's claims of being misled into buying risky securities by Wall Street investment firms.
The St. Petersburg Times reported over the weekend that e-mails and memos show State Board of Administration staffers ignored warnings and tried to find ways around federal regulations barring the investment of local government funds in the risky securities.
The Times says a local government investment pool run by the state agency would lose $160 million if those securities were sold today.
Board spokesman Dennis MacKee on Monday said the potential loss figure is speculative and that staffers acted in accord with advice from lawyers and within applicable regulations.