WC Varones

Don't lend your hand to raise no flag atop no ship of fools

California Treasurer: Blame the shorts!

Taking a page from Lehman's Dick Fuld ("I will hurt the shorts, and that is my goal."), California Treasurer Bill Lockyer sent a letter (pdf) to Goldman Sachs insisting that California isn't as rotten as Lehman and all our problems are caused by those darned CDS buyers.
Data reported in the news media and other sources show that the prices, or spreads, on California CDS wrongly brand our bonds as a greater risk than those issued by such nations as Kazakhstan, Croatia, Bulgaria and Thailand.

HT: T-Dub.

5 comments:

Jr Deputy Accountant said...

He should sue Jamie Dimon while he's at it then.

Anonymous said...

I'm still trying to find reasons that justify why your blog rates a 4 in Google since you put so little effort into it.

W.C. Varones said...

Mostly the quality of the comments, I think.

FrackWit said...

So if Lockyer is pulling a Dick Fuld by blaming "evil short sellers", does that mean he's about to pull a Repo 105 too?

beebsblog said...

For Lockyer's protestations that CA has never defaulted on its general obligation debt, I have a one word retort: YET.

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