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The Okeechobee Flood Control District, financed by both state and federal funds, was created in 1929.
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Still, not all money funds are created equal.
In the three years to the end of 2008, 10,000 funds were created in Europe alone.
"It's interesting how new funds are created," Mr. Cassidy said.
Not all target-date funds — which are essentially a fund that holds other funds — are created equally.
Since exchange-traded funds were created in 1993, they have been used primarily by institutional investors and active traders.
The funds are created for limited time periods and the success of their managers depends on their relative annual rates of return.
Sovereign funds are created to be funds of last resort, and Libya has an additional $80 billion in net foreign assets held by the central bank, according to the International Monetary Fund.
The earliest funds were created in the 1960s and 1970s in America, Canada and Japan, but they were designed as a safeguard for the social-security system as a whole, not specifically for pensions.
They are the rotten core of the shadow banking system providing ridiculously cheap leverage to speculators courtesy of the American taxpayer.Money market funds were created to get around bad regulations.
Some 24 global funds were created in 2000 alone, most of them centered on technology, telecommunications, the Internet and health care, according to Strategic Insight, a mutual fund research company.
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