California Treasurer Bill Lockyer asked the state's bond underwriters to disclose information about the credit-default swaps they traded on the state's debt. Goldman Sachs Group, Barclays Capital, JPMorgan Chase and Morgan Stanley were shown to be the most active dealers of California CDS. "We believe it's wise, and in taxpayers' best interests, to continue monitoring the California CDS trading activities of our underwriter pool members," said Tom Dresslar, a representative of Lockyer's office. "We reserve the right to take those trading activities into account when making decisions about membership in the pool and when selecting book runners."
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