Posted: 5/18/2010
Bailout for Florida May Not be a ‘Slam Dunk’
As hurricane season creeps closer, the Florida Congressional delegation grows more fearful by the day with a state hurricane catastrophe fund nowhere near the sound financial footing needed for the predicted hurricane season. Having recently issued bonds to fund additional claim payments, the catastrophe fund has only $4 billion in assets against liabilities that top $25 billion. So what better way to solve Florida’s problem than to ask the federal government for a bailout?