The University of California is preparing to sell $750 million of bonds this month, the first debt offering since September for the system now led by former Homeland Security Secretary Janet Napolitano.
U.S. banks poured more than $200 billion into state and local-government debt since the onset of the financial crisis six years ago, boosting their share of the $3.7 trillion market to a two-decade high.
Only eight months ago, Bill Lockyer was the envy of California politicians. Undefeated in 39 years as assemblyman, senate leader, attorney general and treasurer, the Democrat won 5.4 million votes in his 2010 re-election, more than any other state official in the U.S.
California Treasurer Bill Lockyer, who never realized his ambition of governing the most-populous state, may remain a powerbroker after leaving office with $2.5 million in campaign funds and four decades in politics.