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Wall Street, making money off of the incompetence and out of control spending of Sacramento is NOT their problem.
"Is Wall Street profiting from California's misery?
That's been a concern of state Treasurer Bill Lockyer, who takes a dim view of financial instruments known as credit default swaps that enable speculators to bet against California's ability to pay its debts.
Like other giant Wall Street firms, JPMorgan Chase & Co. helps investors place such bets against California but also earns hefty fees from the state for helping it get the best prices on the bonds it sells to finance capital improvements and other expenses.
So it was no small annoyance, Lockyer said, when JPMorgan Chief Executive Jamie Dimon publicly suggested in February that he was more concerned about California's budget problems than about Greece's."
Get real--if we did not approve bonds, regardless of our ability to pay, spending without concern, taxing without a care and finally, union control and illegal aliens running loose, you can not blame Wall Street for our excesses and stupidity.
Look at a mirror, not 3,000 miles away--we are giving Wall Street the money--they are gladly taking it.
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"Is Wall Street profiting from California's misery?
That's been a concern of state Treasurer Bill Lockyer, who takes a dim view of financial instruments known as credit default swaps that enable speculators to bet against California's ability to pay its debts.
Like other giant Wall Street firms, JPMorgan Chase & Co. helps investors place such bets against California but also earns hefty fees from the state for helping it get the best prices on the bonds it sells to finance capital improvements and other expenses.
So it was no small annoyance, Lockyer said, when JPMorgan Chief Executive Jamie Dimon publicly suggested in February that he was more concerned about California's budget problems than about Greece's."
Get real--if we did not approve bonds, regardless of our ability to pay, spending without concern, taxing without a care and finally, union control and illegal aliens running loose, you can not blame Wall Street for our excesses and stupidity.
Look at a mirror, not 3,000 miles away--we are giving Wall Street the money--they are gladly taking it.
More...