Feb. 8 - California State Treasurer Bill Lockyer says it appears that business relationship between ratings agencies and clients could led to incorrect ratings that should have been monitored.
California of course with one of several states that sued Standard and -- for fraud. You stay attorney general has said that that has cost the state billions what occurred in terms of the -- you ratings. How would California. Light to recover in the case and are there cost beyond those billions already mentioned -- AG. Well. I -- perspective of course it's funny we have sort of vote love hate relationship that. Ally on the rating agencies course is too many others and yet we. Can be critical. When we think their men it's steps. I'm not. Privy to the specifics. There. Evident here claim it does appear to be justice and observers. There word. Is this relationships. Between. The rating agencies. And their clients that. A cause them to. Incorrectly rape. Credit risk in ways ways that. Could and should have been fourteen and waited you know I theme that really as team member of the pension funds in the state of California they -- the two largest pension fund in the country. And as the trustee I think -- losses that were incurred there Ian. The funds' portfolios. And were part of the lawsuit. As well one and there in the hundreds and hundreds of millions of dollars the claims made.