[EDINVA]

Lockyer is the one condemning the CAB practice; others are defending it.

[Lancey Howard]

I wouldn't say Lockyer is "condemning" the CAB practice, exactly.

Back in the '90s, the state of Michigan banned capital appreciation bonds altogether. But Lockyer says California needn't go that far. He supports a series of reforms such as capping the payback of debt to four times the amount borrowed.

Lockyer sounds more like your typical scumbag Soviet Democrat.