Fortunately, the city avoided the tsunami that followed the earthquake.
"The question is, what do we do to help the city avoid financial disaster?"
The offering, which included 30-year bonds, was intended to help the city avoid further cuts in its $31.8 billion budget.
But he said the city had carefully avoided favoring any one of them.
The action helped the city avoid default on its bonds.
It would appear the city has avoided two potential disasters on this busy evening.
"People who know the city already avoid it if they can."
He said the city should avoid the problem by making the tests, which are given every four years, less similar.
"This wasn't a situation of saying here's a way to take steps where the city can avoid receiving a black eye."
He said the city had avoided contract review and approval requirements.