California to "insure" its bonds?

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1 total messages Started by Anonymous Mon, 31 Mar 2008 03:08

#2004

Author: Anonymous
Date: Mon, 31 Mar 2008 03:08

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�California may start a bond insurer to compete with 
billionaire Warren Buffett's Berkshire Hathaway Inc., 
state Treasurer Bill Lockyer said. 

[I want some of that blow Lockyer has been huffing!]

California spends millions of dollars annually for insurance 
to boost ratings on its public debt and lower the interest 
rate it pays, Lockyer said in an interview. He�s �urging� 
the state to create the new insurer to capture money that 
would go to companies such as�MBIA Inc. and Ambac� now�
Berkshire.�

Aside from the hazard of insuring your bonds that you issue,
Lockyer has a point.  Maybe we could get the DMV to sell
automobile insurance while we're at it.

Has Lockyer ever inventoried his soul? I guess he wants 
to be governor or something after Arnie moves to the Senate.

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