IOU

Your tax refund check fom the state of CA for 2008 might be an IOU in lieu of a check. [MSNBC]

Will banks accept it? Unknown, though they did in 1992.

Meanwhile, here is an eye-popping article [LATimes] which exposes the financial legerdemain cities in CA have practiced in order to finance themselves into looming bankruptcy.

Gotta love them FI-NAN-SHALL geniuseseses.

Hmmm, I guess if I paid the state my taxes owed with my personal IOU they’d understand, eh?



Robert Rubin is a part owner of the highend fly fishing shop Urban Angler (stores in NYC and DC), in which Andy and Mark Madoff are also investors.

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