As J.P. Morgan Chase has seemingly been the only rock in the financial storm, it is not surprising that the bank is now helping California, lending it $1.5 billion. The money will enable the state to stop issuing IOU's a month earlier than planned (on Sept. 4). The loan is essentially a bridge until the state sells $10.5 billion in short-term notes next month. Here's Reuters' story.
The Great Debate UK
from The Great Debate:
Let the trading begin.
California will be mailing out its first batch of IOUs today after the state's stalemate over how to close the more than $24 billion hole in the budget leaves it with insufficient funds.