In California, there are at least $1.9 billion reasons to like Facebook. That’s the staggering amount of money Gov. Jerry Brown and lawmakers are counting on as investors cash in on Facebook’s Initial Public Offering. The anticipated windfall has generated a number of questions — not just for the state budget, but for public employee retirement systems vested in the company’s success. Will Facebook truly deliver a bonanza of that magnitude? Have lawmakers learned the lessons of the 2001 dot-com crash and resist going on a spending spree? And is retirement security at risk given the company’s see-saw start on Wall Street?
http://www.utsandiego.com/news/2012/jun/23/state-budget-leans-heavily-facebook/
