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Calif. Cities Ask For Bailout Of Troubled Assets

Law360 (October 27, 2008, 12:00 AM EDT) -- Democratic Sens. Barbara Boxer and Dianne Feinstein have urged the Treasury secretary to take into account cities and counties severely impacted by the financial crisis when administering the bailout plan.

In a letter released Friday, the two U.S. Senators from California said that local governments in their state stand to lose an estimated $250 million as a result of investments with failed institutions like Lehman Brothers Holdings Inc. and Washington Mutual Bank.

“This is particularly troubling, because these were highly-rated, conservative instruments designed to provide value...
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