Free Republic

<p>Investment banks are poised to make a killing off California's fiscal crisis after voters Tuesday approved an unprecedented plan to sell $15 billion in deficit bonds.</p> <p>The bond offering - which will be the largest issuance of municipal bonds in U.S. history - was put before voters by Gov. Arnold Schwarzenegger and the Legislature in part to cover a multibillion-dollar budget gap with debt to be paid back over the next decade.</p>