LOS ANGELES (KNX 1070 NEWSRADIO) -- Those IOU's California is doling out are the latest hot item on Craigslist and e-Bay. People and businesses stuck with them are trying to unload them for some quick cash... the buyer makes a profit on the interest. But a spokesman for the state Treasurer is worried that fakes will show up as well, on Craigslist.
To head that off, the state treasurer won't redeem the IOU's down the road unless the seller has the sale notarized. Wall Street hedge funds and municipal bond investors are reportedly interested in snapping up the IOU's.
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