When the investment pool collapsed, the county lost $115 million.

The county's $20 billion investment pool is bigger than most and its investments were far more aggressive.

An immediate concern was the effect on schools, which were required to channel all their funds through the county's investment pool.

All three entities had invested money in the county's investment pool.

Each one of those issues was secured by the county's general resources and not the investment pool.

"It surprises me that an investment pool like this would lean on growth," he said.

The county's $7.8 billion investment pool represents contributions from 170 municipal agencies.

That money had been coming out of earned income and was therefore being introduced for the first time into the investment pool.

Savings plans let participants buy an interest in an investment pool such as a mutual fund.

It said it was not involved with the investment pool.