[yldstrk]

and if the SEC says it it must be so

after all the esteemed felon Bernie Madoff used to be the head of the SEC

[taxtruth]

Soon they will tell us sea shells are legal tender.

[cranked]

Their risk weight alone makes them a severe liability.

[Man50D]

Oh good, I’ll write out IOU’s instead of paying cash.

[nina0113]

So were Confederate dollars.

[Bobalu]

[gorilla_warrior]

If they are protected by anti-fraud law, why aren’t Arnold and the California Legislature in the slammer? All of them are frauds.

[P-Marlowe]

This seems to be some kind of effort to stave off bankruptcy. Frankly the only hope California has is to go into some kind of bankruptcy where these stupid pensions and union contracts can be dissolved and renegotiated.

IMHO state employee Unions should be outlawed. Eventually every state in the Union is going to be faced with this kind of mess. We have more than 10% unemployment in this state and there has not been a single state worker that I know of who has been laid off.

[hoosier hick]

“Securities” in what sense? Being secured didn’t help Chrysler and GM lenders/bondholders when those companies went bankrupt. Will the Feds screw the holders of CA debt too??

hh

[SueRae]

This is truly bizarro world. And they’re going for sale on e-bay? Isn’t this worse than CDO’s????

Abolish the SEC.

[lacrew]

So states can print their own money now?

Lets see, if I itemized deductions last year, and deducted state income tax withholding, I’ll have to add back and state refund as income the next year...but if the IOU hasn’t been traded for cash before next April 15, then what do I do?

If I sell them for half face value, can I take that as a loss?

My head is spinning, I think I’d just trade them in for carbon credits...presto, Califoria saves the planet again!