Florida, Connecticut, Montana and Washington have looked into their portfolios and noticed a stench.  After further investigation they found stinky SIV's or Structured Investment Vehicles.  State Street Global Advisors are being investigated or sued by Alaska and Idaho for errors in management in a Lehman Aggregate portfolio, something about in appropriate use of leverage.

What is going on?  Arther Levitt who was on Bloomberg TV this morning which caused this rant, thinks the Governments:  Federal, State and local which translates to you a me the tax payers should step in and make these investments whole while Wall Streeters' walk away with billions in bonuses.  That Moody's and Standard and Poors should have their procedures reviewed but ultimately not held accountable for the ratings fraud they perpetrated.  While he agrees that there will be litigation over the misrepresentation, fraud, and deceit, we need to keep the house of cards together.  God forbid that we have a run on money market funds like Florida has experienced, ugly.  Speaking of which, where is your cash invested?  I mentioned before in (Looking under the carpet, November 9, 2007) I really like BIL, the US Treasury Bill exchanged traded fund.

I like many of you slow down as we drive by car accidents hoping for a good look at some gore, well the SIV accident is going to have plenty of gore to look at.