Once again, Governor Schwarzenegger is the pitchman for California. This time he’s appealing to potential individual investors in this radio aid that’s airing in Los Angeles and the Bay Area.
“Now in a few days, the state will sell four billion dollars in short term notes.. We do this every year to pay for schools, health care and other important public services. By making this investment, you help protect these vital services.”
Institutional investors will also be able to buy in next week. State officials say they’re optimistic about California’s chances of borrowing from the credit markets following Massachusetts sale of short term notes this week. Schwarzenegger has sent a letter to Treasury Secretary Henry Paulson to say he’ll keep him updated on the state’s efforts. Schwarzenegger had warned Paulson that if California could not borrow up to seven billion dollars—he would turn to the Federal Government for a loan.