"I can't write checks without money; that's against the law." If only the US federal government was similarly constrained.
California is a greater risk than Greece, warns JP Morgan chief Jamie Dimon, chairman of JP Morgan Chase, has warned American investors should be more worried about the risk of default of the state of California than of Greece's current debt woes.
By James Quinn, US Business Editor in New York
Published: 8:20PM GMT 26 Feb 2010
Governor Arnold Schwarzenegger is desperately trying to reduce California's $20bn deficit
Mr Dimon told investors at the Wall Street bank's annual meeting that "there could be contagion" if a state the size of California, the biggest of the United States, had problems making debt repayments. "Greece itself would not be an issue for this company, nor would any other count
Tags: government spending, deficits, California, Arnold Schwarzenegger, state budgets, defaults, tax and spend, fiscal irresponsibility, big government
Location: Sacramento, California, United States (load item map)
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