Bookie-Client Confidentiality

I have a fever, and the only prescription is more cowbell:

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. The perception ofrisk could adversely affect the price of our bonds when we go to market. That makes the CDS market important to our taxpayers. That is why I want to fully understand the municipal CDS market in general, the market for California CDS, and [Goldman-Sachs'] role in these markets.

Lockyer is feeling the heat, but then again, anyone stupid enough to take the job of California State Treasurer deserves to roast in his own juices. California doesn't need Goldman-Sachs to ruin its prospects for funding and recovery; the majority of Californians have already mastered the art of economic destruction, and had been hard at work long before this Depression began to manifest.

The ship's going down, and they're arguing about the position of the deck chairs.