Report on Compliance with IPERS Requirements for Certain Members from the LuVerne Community School District, 2005

Report on Compliance with IPERS Requirements for Certain Members from the LuVerne Community School District

Clarke Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2005

Community School District Audit Report

Perry Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2005

Community School District Audit Report

Report on Special Investigation of the Boone Community School District, For the Period July 1, 2001 through November 30, 2005

Other Audit Reports - Special Investigation

Combined Report of Recommendations to the Eight Judicial District Departments of Correctional Services, June 30, 2005

Other Audit Reports - Judicial

Report of Recommendations to the Iowa Judicial Branch - County Clerks of District Courts, June 30, 2005

Other Audit Reports - Judicial

Boone Community School District, Independent Auditor's Reports, Basic Financial Statements and Supplementary Information, Schedule of Findings and Questioned Costs, June 30, 2005

Community School District Audit Report

Report on the Special Investigation of the Nutrition Department of the Boone Community School District, For the Period August 30, 2004 through March 31, 2006 and Selected Activity for the period February 28, 2000 through March 31, 2006

Community School District Audit Report - Special Investigation

Neglected risks, financial innovation, and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.