Quotes from the financial press
- The California Municipal Bond Advisor in March 2010, noted, "State Controller Chiang has been a hero of sorts to us during California's recent distress because he did just what he was supposed to do to protect bondholders... (by) conserving cash flow to make sure California could cover top-priority funding requirements such as education and debt service."
- In calling for better budgeting by the Governor and Legislature, the Daily Munis and Derivatives, published by Merrill Lynch on July 1, 2009, stated: “The state controller exhibited courage and resolve in February 2009 when left with no recourse than to remit IOUs and prioritize cash outlays."
- In affirming its bond rating for California in March 2010, Fitch Ratings noted the State’s ability to manage continued budgetary and cash flow risks, stating, "Over the last two years, the controller has demonstrated a willingness to use several strategies...to ensure continuation of priority payments and has expressed his commitment to take such actions again as necessary."
- Standard & Poor’s, in January 2010, said, "Despite its problematic areas, we believe the state's budget and finances benefit from a number of attributes, including…(t)he state controller's demonstrated willingness and authority to exercise what we consider to be extraordinary cash management maneuvers that protect the state's priority payments, including those for debt service."