Taking away that ability, corporate treasurers say, might have the perverse effect of discouraging risk management.
The ledgers were allegedly kept by two former party treasurers and cover nearly 20 years.
It's about a long-running kickback scheme involving two former New Mexico state treasurers, Michael Montoya and Robert Vigil.
Corporate treasurers fear bank credit will dry up if banks continue to be mired in their own financial difficulties.
To some extent, cross-border cash management used to be a challenge for treasurers of multinationals doing business in China.
For treasurers, this changes the nature of the job and allows them to participate more broadly in the business.
Doesn't this rather resemble the pay-for-play scandals of municipal finance, wherein elected treasurers pass the campaign hat around bond-underwriting firms?
He amassed controllers and treasurers from important states in the U.S. with a threat to stop doing business with Swiss banks.
Both are natural political allies: Mr Lerach is said to give generously to the campaign funds of state treasurers, for instance.
Central bank officials are not above telephoning corporate treasurers to urge them to convert their export earnings into New Taiwan dollars.
Money funds, with robust credit departments that do not simply rely on ratings, are better placed than corporate treasurers to provide this.
The program targets commercial paper with three-month terms, favored by corporate treasurers.
But given the reaction across the water, local party treasurers should not be counting on a bonus from the taxpayer anytime soon.
In turn, banks are doing what they can to persuade corporate treasurers not to draw down credit facilities unless they have to.
Meanwhile, he says conversation is swelling among state treasurers on how they can make it more convenient for people to make 529 gifts.
After over-exposing themselves to structured-investment vehicles and auction-rate securities, treasurers want to be able to blame someone else if things go wrong again.
"If investors, treasurers and arbitragers get more optimistic, we could see more" buyouts, takeovers and stock buybacks, which might help stocks, Mr. Ablin says.
For their part, state treasurers, public pension systems and mutual funds across America should publicly declare their unwillingness to hold this paper in portfolio.
Their latest effort: Draft voluntary disclosure rules put out in late May by the College Savings Plan Network, part of the National Association of State Treasurers.
According to the Association of Corporate Treasurers, the vast majority of interest rate derivatives involve financial companies, such as banks, investment firms, insurers and hedge funds.
Money was allegedly paid by outside firms via two former treasurers including Luis Barcenas, who stepped down in 2009 and is currently under investigation for money-laundering.
Ms Watson also raised concerns about increasing the burden on local party treasurers - who would have to deal with any changes to legislation, and were unpaid.
Specifically, Reinsch's trade association is mobilizing its considerable resources to help public pension fund managers, their Wall Street advisors and state treasurers fight off initiatives like one adopted last year by Illinois.
Pennsylvania State Treasurer Barbara Hafer, president of the National Association of State Auditors, Comptrollers and Treasurers which controls trillions of investment dollars, has repeatedly called on state governments to wage economic war on terrorism.
Then last week, nine of the coalition's leaders wrote over 240 executive directors and CEO's of many of this country's largest public pension funds and private mutual fund families, as well as all fifty state treasurers.
Given their dependence on tobacco revenues, it is unlikely that finance ministers and state treasurers around the world would be so enthusiastic about increasing taxes if they really thought it would lead to smokers quitting en masse.
Some recent asset-backed securities have been priced to yield as little as 0.5%, but even that is enough of a premium to two-year Treasurys yielding 0.2% for company treasurers as they weigh acquisitions and other longer-term options for deploying cash.
Given that tax issues overhanging that pool of liquidity retained overseas are likely to daunt company treasurers, speculation swirled that borrowings could quickly mount to the tens of billions of dollars, versus no debt outstanding as of the end of March.
As a result, corporate treasurers couldn't do with Chinese cash what they generally do with other short-term spare cash generated by day to day operations put it to work where it is most effective for paying down debt, hedging exchange risks or generating returns.
September's pilot program eases these hassles by allowing companies that generate substantial foreign currency within China to consolidate that cash into a single pool and sweep it overseas where treasurers can manage it the way they manage cash generated by their business in other countries.
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