California: When a state controller goes begging on Wall Street

The Sacramento Bee ^ | Sunday, March 23, 2003 | Daniel Weintraub

[Ernest_at_the_Beach]

From his 18th floor office in a downtown high-rise hard by the Sacramento River, Steve Westly has a majestic view of the capital city, the fertile fields that surround it and the snow-capped Sierra Nevada in the distance.

Too bad he can't also see the future.

[Ernest_at_the_Beach]

Perhaps he can arrange an auction for Bonds on eBay!

[Ernest_at_the_Beach]

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[bayareablues]

I hate to cut and run but...

[MonroeDNA]

I was recently offered a job in Irvine (CA) at almost twice the pay. 3 years mortgage assistance, too.

I turned it down.

My standard of living in Florida (downtown fort lauderdaoe; 12 minutes from the beach) would take a hit.

Like moving to France.

My current company moved to Florida from Sacramento. They were wise.

No state income taxes, no car inspections, cheaper gas, speed limits 70 (really 80), "shall issue" CCW laws, republican governor, republican senate, republican house.

Sunny skies all year round.

[Liz]

The best part of his job is that every Californian who gets a tax refund associates Westly's name with good news when the check arrives in the mail. The worst part is that Westly is ultimately responsible if the checks don't clear.

What's the penalty for writing bad checks? 10-15 years?

Let's see. Times that by Cali's current population..... including illegals .........

Wow, this guy Westley's looking at real hard time. (/sarcasm off)

[bert]

.....he will need to borrow between $4 billion and $11 billion......

To quote the Black congress critteress who whined about the costs of the war.....how come they don't know how much?

[Drango]

"We run out of money in June," he says matter-of-factly. "This is a problem."

Say what? Has anybody told Grey Davis...If this was true, certainly he would reduce State spending...

[tubebender]

I am doing my best to put the Screws to Mr Westly and the Band of Merry Spendsters. We are getting a refund for the first time in years thanks to major donations and some market losses.

[groanup]

Muni spreads are wider than I've ever seen them and I started trading them in the '70's. The markets are saying the states are bankrupt.

[Ernest_at_the_Beach]

Not just California?

[groanup]

"Not just California?"

Muni bond funds with 10 year durations are yielding the same as 10 year U.S. Treasuries. A tax-free investment that yields the same as a taxable investment with similar credit risk.

[groanup]

Look at the yield here:

http://investmentonly.vanguard.com/VGApp/iio/Funds?FW_Activity=FundsVGIActivity&FW_Event=FundsSnapshotEvent&FundId=0042&FundIntExt=INT&listingPage=By%20Name

and look at the yield here:

http://investmentonly.vanguard.com/VGApp/iio/Funds?FW_Activity=FundsVGIActivity&FW_Event=FundsSnapshotEvent&FundId=0035&FundIntExt=INT&listingPage=By%20Name

[wcbtinman]

Transfer money from idle accounts....IOU's to the trust funds....float Bonds and borrow with no income....

I sure wish I could run my business that way without going to jail.

[Grampa Dave]

The Davis/Burton Enronning of California continues!

[Grampa Dave]

It is past time for Wall Street to take away the credit cards from the Rat controlled legislature and make a budget with massive cuts in it.

[Liz]

Must-do that's long overdue.