Nemo malus felix

22 June 2009 By Jeff Segal

The longtime Lazard rainmaker rescued New York City from bankruptcy in 1975. California s political landscape is much rockier than New York s was. But a financial wizard like Farallon s Tom Steyer could still help bridge the gap.

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California's legislature will debate the state's Democrats' deficitreduction proposals this week. Governor Arnold Schwarzenegger and many Republican legislators have said they will veto any budgets with tax increases, which the Democrats' plan includes.

California has a current budget deficit of $24.3bn, which it must close before July 1, when the new fiscal year begins.

California's credit ratings are the lowest of all 50 states.

Tom Steyer is a partner and member of the executive committee of Hellman & Friedman, a $3.3bn private equity firm, and the founder and a senior managing member of Farallon Capital Management. From 1983 through 1985, Steyer worked at Goldman Sachs as an associate in the risk arbitrage department. During 1983, he worked for the Walter Mondale presidential campaign.

David Crane is special advisor for jobs and economic growth to California governor Arnold Schwarzenegger. Before joining the Schwarzenegger administration, Crane was a partner for 25 years with Babcock & Brown.

Context News

California has a current budget deficit of $24.3bn, which it must close before July 1, when the new fiscal year begins.

California's credit ratings are the lowest of all 50 states.

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