Concerning the April 4 Bond Buyer story "California Won't Ditch S&P," in case there's any doubt, I want to make it very clear that I believe California state Controller John Chiang is helping, not hurting, taxpayers by forcefully calling on Standard & Poor's to "engage with municipal officers and the state's elected officials about rating agency reform." Controller Chiang's careful but unmistakable warning certainly attracted Standard & Poor's attention. We'll now be meeting with Standard & Poor's leadership within the next couple of weeks, in no small part as a result of his efforts.
Whether or not any further action, including the possibility of an eventual "boycott" against a rating agency, ever proves necessary, Controller Chiang has emerged as one of the nation's strongest and most effective advocates and a welcome ally in our fight to restore fairness to municipal bond ratings. Winning that fight for California taxpayers is well worth the effort, and they've got a true champion in Controller John Chiang.
Bill Lockyer
California State Treasurer
