Schwarzenegger Sells Bonds to Bring in Cash
Friday, October 10, 2008
California Governor Arnold Schwarzenegger is taking to the radio airwaves -- this time with a pitch to potential investors.
The state treasurer is preparing to sell about four-billion dollars in short term notes next week to bring in some cash.
The Governor is pitching the sale in this radio ad airing in Los Angeles and the Bay Area.
Schwarzenegger: Keep California great. Invest in our Golden State. Visit BuyCaliforniaBonds.com.
Institutional investors will also be able to buy in on the four-billion-dollar sale. It's borrowing that's done every year to help the state pay bills.
State officials have been saying for over a week that the uncertainty in credit markets has drastically affected their ability to borrow money.
However, they said this week they're encouraged by a recent Massachusetts' sale.
Schwarzenegger has already warned Treasury Secretary Henry Paulson if the state can't borrow up to seven-billion dollars, he will turn to the federal government for a loan.
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