The Governator Wasn't Kidding. California is on the verge of bankruptcy. Looks like not only will the state have to pay with IOUs, or worthless pieces of paper as they are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, then, indefinitely.
California CDS last traded around 400... We will bet $0.69 it won't stay there too long.
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