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California Out of Cash by February 2009

Posted by msrb on December 24, 2008

California will run out of cash in two months: State Controller

Please, will all the contractors, state employees and anyone else who have ripped off the state return their loot?

As a French investment manager who put $1.4bn into Madoff’s Ponzi scheme commits suicide in New York, California State Controller sounds the bankruptcy alarm bells in Sacramento.

New York

The body of Thierry Magon de La Villehuchet, 65, a co-founder and chief executive officer of Access International Advisors, was found today. The company raised money mainly from wealthy European investors. Madoff was arrested on Dec. 11 for allegedly running a $50 billion Ponzi scheme. Image: Source. Image may be subject to copyright.

Sacramento

California State Controller John Chiang in a letter to the governor and Legislature said Monday: “There will be no shelter from the storm as the state’s cash position will remain negative throughout the remainder of the fiscal year.”

California is facing a $41 billion budget deficit.

“Cash-preserving options no doubt will have the unintended effect of deepening and prolonging the recession that has crippled our state’s economy,” Chiang warned. The state’s Pooled Money Investment Board has already pulled the plug on $3.8 billion in loans to finance about 2,000 infrastructure projects.

Chiang says he wants to make sure the state won’t have to default because that could further damage the state’s credit rating.

California may have to issue billions of dollars worth of IOUs to anyone owed money, however, even that may not be a viable long-term option, Chiang says.

“Given the current financial instability of the banking industry, it is highly unlikely that the banks, if they accept the IOUs at all, will be able to do so for any sustained period of time,” Chiang said.

Schwarzenegger with his wife Maria Shriver at the 2007 Special Olympics in Shanghai, China.

Schwarzenegger and his family currently live in their 11,000-square-foot (1 022 m²) home in Brentwood. The family owns vacation homes in Sun Valley, Idaho and Hyannis Port, Massachusetts. Schwarzenegger does not have a home in Sacramento. However, whenever he is in the state capital, he lives in the Hyatt Regency hotel suite. The suite costs about $65,000 a year. Source

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One Response to “California Out of Cash by February 2009”

  1. Marla said

    More and more I am reading that Arnold is a NAZI. I am also aware of the fluoride epidemic that goes beyond tap water, in order to manipulate and control the masses. This is how it has been so easy to marry someone in order to take control of their families, lives, empires, etc.
    HAVE MARIA TESTED FOR FLUORIDE LEVELS! That would likely explain quite a bit.

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