California may create bond insurer, rival Buffett
NEW YORK (Reuters) - California Treasurer Bill Lockyer is the possibility that the state pension funds, create a new loan from the insurer, said his spokesman Thursday.
Lockyer has no immediate plans to use Berkshire Hathaway’s (BRKa.N: Quote, Profile, Research), the fidelity bond, new units Congress following testimony earlier this month by Ajit Jain, Head of Berkshire, said Tom Dresslar, spokesman for California treasurer.
In his testimony, Jain defended with different ratings for the municipal issuers and for the need for fidelity bond, “said Dresslar.
Lockyer tried to change this, dual rating system, as it pushes the cost of credit for the host Member States and local governments. He also wants to public pension funds, under pressure from Standard & Poor’s to change, as the prices of municipal bonds.
Berkshire, billionaire investor Warren Buffett, in municipal bond insurance this year after a request from the New York Insurance Superintendent after the collapse of investor confidence in the insurance sector.
Buffett saw the new insurance venture as an opportunity attractive, but it can not earn a lot of businesses in California.
“The treasurer is of the opinion - unless we get a word from Mr. Buffett, he did not share the views expressed and Mr. Jain (witness), we have no interest in the operations with M. Buffett’s insurance company, “said Dresslar.
Spokesman of Berkshire Hathaway, Standard & Poor’s and Insurance Sector of California could not be reached immediately comment.
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