Securities
Jul. 13, 2009
California Owes an Explanation on Securities Rules
An important but unanswered question is whether trading in the state's IOUs is subject to federal and state securities laws, writes Keith Paul Bishop.
FORUM COLUMN
By Keith Paul Bishop The Golden State has run out of money to pay its bills. So like other debtors, the state has promised to pay its creditors when it has the money. California's promise, or IOU, takes the form of a registered warrant. Unfortunately, in the current economic crisis, many creditors of the state have their own liquidity problems and they can't wait for the state to make good on its promises. These creditors who either c...
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