California Treasure Pushes Stricter Banking Standards

Finestone, Deborah
May 2003
Bond Buyer;5/9/2003, Vol. 344 Issue 31632, p3
Trade Publication
California Treasurer Phil Angelides yesterday proposed an even higher set of investment banking standards that must be met by any securities firm wishing to do business with the state than the ones he unveiled last summer.The Investment Protection Standards incorporate terms of the $1.4 billion Wall Street legal settlement last week, and sets a new threshold of requirements for investment banks wanting California's business, Angelides said at the news conference.Officials expect to issue at least another $ 12.5 billion in state-level debt in 2003, including general obligation bonds, Public Works Board bonds, revenue anticipation notes, and pension bonds.


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