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FRIDAY, NOV. 6, 2009
TALLAHASSEE:
SEC Investigating Possible Fraud by State Board of Administration
The federal Securities and Exchange Commission is investigating possible fraud by the Florida State Board of Administration, the agency that manages $132 billion in public investments for hundreds of local governments and 1 million current and future retirees.
The federal investigation centers on whether the state and three Wall Street giants misled the public about the risk and liquidity of some of the SBA's investments. Read on ...
[Source: St. Petersburg Times]
Background from Trend:
SPACE COAST:
Silicon Valley East: Internet Start-Ups Choosing High-Tech Brevard
Is the Space Coast becoming Silicon Valley East?
It is if you listen to a growing number of technology and Internet entrepreneurs who are launching their projects in Brevard, lured by the savvy work force and strong technological climate.
"On a technological level, besides Silicon Valley, this is the most technologically advanced area because of all of the government and broadband communications and military stuff that goes on here," said John Chalmers, owner of wahdang.com. It's the place he wants to be. [Source: Florida Today]
TAMPA:
Business Surfaces to Maintain Troubled Commercial Properties
Consumers may not realize it, but shopping centers throughout the Bay area — even some that appear successful — are teetering on foreclosure.
Such foreclosures could ripple across the economy in a way that some economists say would make the residential real estate bust pale in comparison.
And the foreclosures aren't even the worst part of it. The foreclosure process is long — sometimes years — and properties often fall into disrepair before the lender takes them back.
Enter business opportunities. CB Richard Ellis is launching a new division to concentrate on receivership for commercial properties.
Here's how it works: A lender requests a judge appoint a receiver to manage and help make decisions for the property while it winds through foreclosure.
[Source: Tampa Tribune]
Also from Trend:
WEST PALM BEACH:
ACLU Suit: State Neglects Schools
An American Civil Liberties Union lawsuit alleges poor graduation rates in Palm Beach County are evidence the state is neglecting public schools there.
The state court suit filed Thursday in West Palm Beach alleges Gov. Crist and other officials are violating a requirement in the Florida Constitution for "high quality"
public education.
The suit alleges a third to half of the county's students do not graduate on time with a regular diploma -- well below state and national averages.
[Source: Post]
ALSO AROUND FLORIDA:
› 250,000 Floridians to Benefit from Unemployment Benefits Extension [SP Times]
Those living in states such as Florida where the unemployment rate is at 8.5% or above get up to 20 more weeks.
›
NHL Owner Donates $4M to Ave Maria [Naples Daily News]
"People call this type of thing a gift or a grant. In my opinion it’s an investment," Tom Golisano said Thursday at a press conference at the university. "This is such a unique institution. You guys are setting a pace and a direction that is so unique and so important and today so needed, it was actually a very easy decision."
› House Will Continue Inquiry into Sansom [Tampa Tribune]
A House panel rejected a request Thursday from former Speaker Ray Sansom that it suspend its investigation into his conduct while criminal charges against him are still pending. Also: Former Rep. Melvin joins race to replace Sansom
› Odyssey Marine to Enlist Partners in Treasure Search [SP Times]
Odyssey will earn an initial $3.5 million by selling partial rights to a sunken vessel off the coast of Great Britain code-named Enigma. Trend video: Underwater Treasure
› Butterworth to Find FPL Errors [Palm Beach Post]
He's being paid $500 an hour to tell the company the mistakes it made in its quest for a $1.2 billion rate increase. Icon: Bob Butterworth
› University of Miami Hires Controversial Expert [Miami Herald]
The UM medical school hired a psychiatrist who has been criticized for taking millions of dollars from drugmakers.
›
Tropical Depression Ida Forecast to Re-Strengthen in Gulf [Sun Sentinel]
The latest forecast shows it curving northeast across the Gulf, with Florida being a primary target.
› Expand Home Buyer Tax Credit Program to Investors [SP Times column]
James Thorner: Obama's signature this morning would extend and expand the $8,000 first-time home buyer tax credit when it expires after Nov. 30.
My advice to the powers-that-be is simple: Shrink the credit by $1,500, and use the rest to let real estate investors tap the money.
› Firehouse Subs Expanding with 125 Restaurants in Chicago [Times-Union]
Jacksonville-based Firehouse Subs announces plans for a 125-restaurant expansion in the Chicago area in the next five to seven years.
› Florida's 352 Plans: Too Many? [Health News Florida]
When Medicare shopping season begins Nov. 15, Florida beneficiaries who are interested in an HMO or other Medicare Advantage plan will have to drink from a fire hose to select one. Companies are offering 352 options here, more than in any other state.
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