The turmoil on Wall Street is setting off warning bells in state capitols, reports The immediate casualty is the loss of millions of dollars in the value of states’ pension funds and other investments, but a bigger fear of state officials is a prolonged financial crisis that further reduces already shrinking tax revenue. And that, in turn, could further ravage local school budgets. Most states diversify their portfolios, which helps cushion the collapse of the investment bank Lehman Brothers Holdings and the federal takeover of giant insurer AIG. Of greater long-term concern to state officials, they say, is how...

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