March 28 (Bloomberg) -- Billionaire Warren Buffett's new bond insurer may not get any business from California, the largest U.S. municipal debt issuer.California Treasurer Bill Lockyer is leading more than a dozen state and local governments that say bond ratings exaggerate the risk of default, pushing up interest costs and forcing issuers to buy unneeded insurance. Lockyer said in a March 26 interview his state will shun Berkshire Hathaway Inc.'s venture because Buffett's company supports the current ratings.
``It's unfair to taxpayers,'' said Lockyer, who estimates the present system may cost his state an extra $5 billion over the next three decades. ``I hope Mr. Buffett will rethink that viewpoint. I don't intend to do any business with his firm.''
Can you believe this douchebag? Treasurer of a nation-state on the verge of insolvency and he thinks Warren Buffett is a poor judge of risk?
13 comments:
FIRST to say, "who the hell listens to anyone that had anything to do with California government?"
HA! I wouldn't loan CA my toe jam, and they think bond buyers are going to lend them money sans insurance? Ha! If there is one state in the union that will absolutely be required to buy insurance in order to sell bonds it will be CA.
It's different here.
My presence in the Golden State *alone* is probably enough to knock CA's bond rating down one or two notches.
Locking me up would do some good for the state, but that would make too much sense. Sweet!! Well, I've had a long day of napping on the couch -- time to kick back, and relax with a good old fashioned nap...
Yeah, that stupid FBI agent bragging about the arrest this week. How many Casey inquiries did they ignore? Man, if I were a Sacto fraud defendant I'd sure as heck cross examine how I was picked out of the thousands. I can guarantee every single reason why could be proven that they had more reason to go after Casey.
why do I have feelings this could end badly like the power grid savings shanahgans a couple years ago.
What is Mr Bill going to do when every other insurer is history?
And Warren sits there with hurt feelings.
I swear Jethro Bodine works at the core of Sactown government. You guys are soooo screwed.
Heck, even the illegals are smart enough to bail before the ship sinks by the bow.
Yeah, that stupid FBI agent bragging about the arrest this week. How many Casey inquiries did they ignore?
I even phoned in a tip myself, on a dare, that I was committing mortgage fraud on an unprecedented scale. The FBI's response was essentially, "We think you're bluffing... we'll check into it."
In any other state, I'd be serving 2 or 3 years at a minimum. But in Mexifornia, IT'S ALL GOOD!!! :-)
Rode my bike down to the Salvos to pick up some 25 cent books at the thrift store in Fresno.
There were 3 big shiny SUV/Trucks, each with a large trailer, busilly offloading Tons of stuff.
The question: are Fresno folk particularly generous or were they downsizing as they move from the foreclosed house to an apartment?
Just asking.
Ho Ho Ho - It's Santa Flipper Clause
Can the guberment foreclose on California? Or are they protected by the bailout?
Santa F. Clause
Breaking news update!
Hillary Clinton Fondly Recalls Leading Arkansas to 1994 NCAA Title
Hillary Clinton fondles Arkansas at 1994 NCAA Title game?
There's been so much Clinton fondling of Arkansas for so long all the years run together.
All the leaves are brown...and the sky is grey...
California freefall...
http://latimesblogs.latimes.com/laland/2008/03/california-free.html
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