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The state has 460 (m) million dollars invested in the bankrupt investment bank Lehman Brothers. State cabinet members say the investment is just small potatoes compared to the (b) billions Florida has in other stocks. As Whitney Ray tells us, state economic experts expect a minimal impact from the Wall Street slump.

The State has invested millions in the now bankrupt Lehman Brothers bank. The $460 million dollar debacle was the hot topic when the state cabinet was called to order. Chief Financial Officer Alex Sink told the governor the Lehman investment is just one egg in the state’s $140 billion dollar investment basket.

“Be sure you don’t have all of your eggs exposed in one basket,” said Sink.

The State Board of Administration says its eggs are also in many different baskets. State and local retirement funds have $323 (m) million in Lehman’s, less than half a percent of its overall portfolio.

“While there is certainly liability and there is potential for losses the severity of those losses because of the huge diversity of investment portfolios of the SBA are not something people need to be concerned about,” said SBA Director General Bob Milligan

The most noticeable impact the Wall Street woes will have on Florida could show up in the state treasury.

Last year the state treasury earned more than a (b) billion dollars on its investments. The Lehman Brothers fall could have a negative impact on this year’s returns.”

And anything the state loses in the market is money that will have to be cut from an already starving budget. Lehman Brothers seemed like a good investment for the state. Lehman is the 4th largest investment bank in the nation and has been in business for 158 years.