SACRAMENTO, Calif.—California plans to borrow about $5 billion from private investors next week to protect itself in case the federal government defaults on its debt, the state treasurer’s office announced Thursday. State Treasurer Bill Lockyer said he has asked a select group of banks, credit unions and investment funds for bids Tuesday on private loans to help the state avoid a cash shortage.
http://www.mercurynews.com/california/ci_18523799?nclick_check=1
