Turns out companies are worried about their investments in cities, not just the other way around.

Lafayette City Manager Steven Falk sends out this article from Bloomberg News, which says Allstate has decided their money is not in good hands with state and city governments, at least not as much as they’d like. They’re reducing their investment in municipal bonds, specifically citing the fact that so many government agencies are running deficits.

Orinda is, of course, now looking at their investment policy after they got caught up in the bankruptcy filing of lender CIT Group. They sold their $750,000 in corporate bonds from CIT on Thursday. The council has asked staff to look at adding language discouraging the city from investing too much in one company. At $750,000, CIT was the city’s second-largest investment in one company, behind the $1.25 million in General Electric, according to the most recent investment report.