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Will Anyone Lend California Money?
Published:
Tuesday, 19 Oct 2010 | 5:45 PM ET
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By: Jane Wells
Correspondent
Correspondent
California has a budget, but that doesn't mean it has enough money. State Treasurer Bill Lockyer is talking to banks to come up with a whopping $6 billion bridge loan to keep the state afloat until he can go to the market to sell $10 billion in tax-exempt notes.
But will anyone lend California money?
"There's always a great desire to partner with California," Lockyer says, especially since the state pays a premium to compensate for its low credit rating.
Lockyer explained the timeline for funding, and his outlook on a California recovery, from the Milken Institute State of the State conference at the Beverly Hilton.
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