Wells Fargo CEO says California in ‘financial ruin’
Wells Fargo CEO John Stumpf said Thursday that California’s large budget deficit means state services will have to be cut.
“The state of California is in financial ruin,” Stumpf told those attending a statewide microfinance lenders’ conference at Stanford University. “The budget deficit in California is staggering.”
Stumpf said the recession is taking a toll on some of the loans made to creditworthy borrowers who lost their jobs and fell behind on payments.
http://www.bizjournals.com/sacramento/stories/2009/05/25/daily32.html
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Fixed Income/Bonds, Politics, Real Estate, Strategy/Allocation | MacroMan | 
June 2, 2009 3:52 pm
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