Some securities are honored by nobody, I guess.
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To: TigerLikesRooster
California IOUs are about as worthless as Zimbawe’s bank notes..they might make nice wallpaper, but California environmental restrictions probably preclude burning them for heat.
31 posted on
07/12/2009 7:06:53 AM PDT by
The Great RJ
("The problem with socialism is that you eventually run out of other people's money." M. Thatcher)
To: TigerLikesRooster
Cue Chinese laughter, please...
33 posted on
07/12/2009 7:24:40 AM PDT by
Caipirabob
(Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
To: TigerLikesRooster
Pay your CA and fed taxes with the IOUs and see what happens.
34 posted on
07/12/2009 7:57:10 AM PDT by
CPOSharky
(Too many zeros in the budget. And the White House.)
To: TigerLikesRooster
So, is the SEC sanctioning another derivatives market? It’s done some well overseeing the others; then again, California does remind me of AIG.
35 posted on
07/12/2009 7:58:52 AM PDT by
ReleaseTheHounds
("The demagogue is one who preaches doctrines he knows to be untrue to men he knows to be idiots.")
To: TigerLikesRooster
Wimpy to Popeye, I will gladly pay you Tuesday for a hamburger today.
39 posted on
07/12/2009 4:28:22 PM PDT by
Kickass Conservative
(If Hitler used a TelePrompter, we would all be speaking German...)
To: TigerLikesRooster
"The staff of the SEC has expressed its belief that California's recently issued IOUs are 'securities' under federal securities law. As such, holders of these IOUs and those who may purchase them are protected by the provisions of the federal securities laws that prohibit fraud in the purchase or sale of securities," the agency said. Doesn't a securities issuer need to file some SEC paperwork or comply with some rules before issuing the securities? These IOU's became "securities" after they were issued, and the recipients had no choice whether they wanted to "invest" in these "securities."
41 posted on
07/12/2009 6:48:04 PM PDT by
heleny
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