Friday, July 10, 2009
How Much Would You Pay For Them?
I have been thinking of setting up a short term business buying State of California IOUs. How much of a discount should I take on them? I'm thinking 50% is too much. People won't give them up for half price. How about 80% of face value? I don't think people will mind that and one way or another, I think California will find a way to redeem them within a year.
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My wife and I fucked up and didn't get our state taxes in until this week. We have a big chunk coming back, in the form of an IOU.
I would offer eighty cents on the dollar. It's possible, State Treasurer Lockyer's protestations to the contrary, that California could default on the IOUs.
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