The Florida State Board of Administration, which manages the state's pension funds, is overseen by three elected politicians: the governor, the attorney general and the state treasurer.

FORBES: Public Pension Red Flags Reminiscent Of Madoff

Witness the Nov. 6 revelation that the Florida State Board of Administration is being investigated by the SEC for possible fraud involving the local government investment pool it managed.

FORBES: Expert View

The Florida State Board of Administration (SBA), which manages the fund as well as the state's pension assets, froze withdrawals after investors became fearful of major losses and began taking out large sums of money.

FORBES: Florida Fund Meltdown: Bad To Worse

As a former Securities and Exchange Commission attorney and investigator of money management abuses, I was disturbed to see the revelations regarding the Florida State Board of Administration's executive director and chief investment officer, Ashbel C.

FORBES