Buy My IOU – Sell Your Government IOU For CASH

For many of us , we can find ourselves at times in VERY urgent need of money, and with
very few options available to us to pay immediate bills.

Therefore, I’ve compile a somewhat short list with a few effective ideas to make money
ASAP with the shortest effort.

Some of you may scoff , gawk or laugh at this list , but for those of you who seriously
need money, these options might just work.

#1 – Sell stuff.

Yeah, I know , this may not be a option, but it’s the first line of defense for times
when you need money NOW.

Some people resort to pawning posessions first, in hopes that they can buy them back
when times get better. However, this is not the most effective thing to do. Pawn shops
realize you’re desperate, and use that to their advantage, paying out relatively low
payouts for your items. Consider using craigslist instead, buyers there do not know
your personal situation ,and are willing to offer more in almost every case as compared
to what local pawnshops might.

Consider a few things when going through your stuff : Is the item a need or a want?
Would your life be really worse without it? Selling a playstation is much more different
then selling your car, one is almost a necessity , the other one is for entertainment.

#2 – Blood

It’s sort of a cliche thing to think about selling blood, and that’s true, however over
time, many places have been offering more and more for people who donate blood or plasma
sometimes as much as $200 just for one donation. If you can do this 4 times a week, that’s
a extra $800.

#3 – Craigslist services

There are many things that all of us can do to make a little money on the side, these
things might not be as quick as selling a pint of blood, but they can pay just as well,
and lead to further employment. Many people post ads on craigslist asking for household
chores like cleaning , making food and the like. You could easily make $10-$15 per hour
by helping the elderly or disabled around their house.

#4 – Writing for online magazines.

There are many companies like associated content who are willing to pay $5 to $15 for a
short article of content on a specific topic. If you’re good at writing , this may be
a very good source of income, as some of these writing assignments may only take 15
minutes to complete, and at the payout of $15 per article, that’s about $60 per hour.
Be careful though, becuase sometimes this may take a while for your account to be
approved.

Further more, if you are a decent writer, we do want to make a mention that we have a
system that’s proven to make money online. Now, I’m not going to tell you that you
can make money today, however it is quite possible to make several hundred dollars
every day if you work on it. Please take a look and consider our low-cost coaching
program that would enable you to make money online.

Easy Google Profit

Once in a while, a scam comes along that’s pretty intense , and in this case, Easy google profit is it.

Promising you weath, all it does in the end is give you a web of total junk, and also will cost you quite a bit. You might want to take a look at the link above and strongly consider the alternative posted on the site.

Sure, you can make money online, however you REALLY need to be careful on whether or not it’s real or not, I really suggest you consider what you look at.

NEW YORK (CNNMoney.com) — Californians have fewer places to redeem IOUs issued by the cash-strapped state.

At least three major banks, Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500), stopped accepting the IOUs after Friday.

More than 60 credit unions, however, continue to accept the paper.

State Controller John Chiang started issuing the IOUs on July 2 to conserve cash, while lawmakers and Gov. Arnold Schwarzenegger tussle over closing a $26 billion budget gap. Friday also marked the start of a mandatory third furlough day for most state employees.

The state, the world’s eighth largest economy, has issued more than 90,000 IOUs worth nearly $355 million. Also called registered warrants, the IOUs pay an interest rate of 3.75% and can be redeemed on Oct. 2 or earlier if divided state officials reach a budget deal.

Recipients will include state contractors, social service agencies and those owed income tax refunds.

Banks will work with customers on an individual basis to assist them, perhaps offering them home equity lines or short-term loans, said Beth Mills, spokeswoman for the California Bankers Association. But the institutions are also hoping to send a message to Sacramento.

“What’s ultimately in the best interest of everyone will be for the state to act quickly and resolve the budget impasse,” she said.

Bank of America’s decision stems from its experience in 1992, the last time the state issued IOUs amid a financial crisis. The bank, along with Wells Fargo, were among the first to stop accepting the IOUs. A budget was signed about a month later.

“The longer the registered warrants were accepted, the longer it took the legislature to resolve the matter,” said Britney Sheehan, a Bank of America spokeswoman. “We do not want our acceptance of registered warrants to deter the state from reaching a budget agreement as soon as possible.”

Customers at participating credit unions can continue to redeem the IOUs. The institutions are bracing for a crush of people looking to turn the warrants into cash.
0:00 /2:26States face budget disasters

“There are options,” said Daniel Penrod, senior industry analyst at the California Credit Union League. “If people look for those options, they’ll realize they are not stuck past the July 10 deadline.”
IOUs to be regulated

Some people actually want to get their hands on the registered warrants, posting ads on online marketplaces such as Craigslist. Several postings offer to buy the paper for 85 cents on the dollar, while another listing is looking to sell the IOUs for 95 cents.

This practice, however, has heightened fears that desperate IOU holders might be taken advantage of and that counterfeiters might make copies of the warrants.

State Treasurer Bill Lockyer last week said that warrant buyers must obtain a notarized bill of sale from the recipient when purchasing the IOUs. This will help ensure that the person redeeming the IOUs is the legitimate owner, said Bill Dresslar, Lockyer’s spokesman.

The Securities and Exchange Commission on Thursday said that the IOUs are securities and are subject to federal anti-fraud provisions. The agency also issued an investor alert warning both buyers and sellers to be careful when trading the warrants.

“If you hold an IOU and wish to sell it prior to maturity you should consider whether you think you are getting a fair price,” the alert said. Investors who wish to buy IOUs should also understand who the seller is. If you are buying from a third party, ask if the person is registered to do this business.

The SEC’s action has both positive and negative impacts on IOU recipients, experts said.

It should cut down on scams because the warrants would have to be traded through registered brokers, said Joseph Fichera, who heads Saber Partners, a financial consulting firm for governments and corporations. Sellers would have to provide disclosure and make sure they are marketing the products properly.

This, however, would also make it harder to offload the IOUs, which could frustrate recipients in need of cash.

“The SEC is trying to provide some sort of framework for investor protection in the middle of uncharted territory,” Fichera said.

A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.
[Dorothy Cottrill of the state controller's office inspects IOUs last week.] Associated Press

Dorothy Cottrill of the state controller’s office inspects IOUs last week.

The development is the latest twist in California’s struggle to deal with the effects of the recession. After state leaders failed to agree on budget solutions last week, California began issuing IOUs — or “individual registered warrants” — to hundreds of thousands of creditors. State Controller John Chiang said that without IOUs, California would run out of cash by July’s end.

But now, if California continues to issue the IOUs, creditors will be forced to hold on to them until they mature on Oct. 2, or find other banks to honor them. When the IOUs mature, holders will be paid back directly by the state at an annual 3.75% interest rate. Some banks might also work with creditors to come up with an interim solution, such as extending them a line of credit, said Beth Mills, a California Bankers Association spokeswoman.

Meanwhile, on Monday morning, a budget meeting between Gov. Arnold Schwarzenegger and legislative leaders failed to produce a result. Amid the budget deadlock, Fitch Ratings on Monday dropped California’s bond rating to BBB, down from A minus, the latest in a series of ratings downgrades for the state.

The group of banks included Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and J.P. Morgan Chase & Co., among others. The banks had previously committed to accepting state IOUs as payment. California plans to issue more than $3 billion of IOUs in July.

Ms. Mills of the CBA said some banks were concerned that there aren’t processes in place to accept IOUs, and also worried about fraud issues. She noted that not all banks have set a July 10 deadline, and that dozens of credit unions in the state will keep accepting IOUs.

Wells Fargo’s head of community banking, Lisa Stevens, said: “We’re very disappointed, as are many Californians, that California has taken the unfortunate step of issuing IOUs in lieu of payments to some businesses and individuals.”

State officials said they were disappointed by the banks’ decision. Garin Casaleggio, a spokesman for Mr. Chiang, said: “We don’t want anybody to suffer who can’t redeem them when they need cash.”

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This is a excerpt from a CNNmoney.com article , go there to read the full article. We found it quite interesting and in context with the IOU mess.

NEW YORK (CNNMoney.com) — Here come the California IOUs.

Unable to meet its bills for the second time this year, the state started printing IOUs on Thursday. Some 28,750 IOUs worth $53.3 million will be issued initially, mainly for personal income tax refunds.

The IOUs helps the state controller stave off a deficit of nearly $3 billion for July. The state plans to send the IOUs to certain county agencies, small businesses and taxpayers owed billions of dollars.

The state’s fiscal condition is disastrous. Officials passed a budget in February, but declining tax revenues have opened up a $26 billion deficit.

Lawmakers and Gov. Arnold Schwarzenegger are locking horns over how to bridge the gap: The governor wants to use deep spending cuts and borrowing, and Senate Democrats are pushing tax increases and less-severe cuts.

Schwarzenegger on Wednesday declared a fiscal emergency, giving the legislature 45 days to address the crisis. He also ordered state workers to take a third furlough day every month.

On Thursday, however, it appeared progress had been made and a deal may be struck within days.

Trying to keep everyone in the loop about IOU ratings and financial stability, it looks like Fitch has just downgraded CA to a BBB score………..What does this mean for Californians? We can only wait to see, Here’s the article, taken from businesswire.com

Fitch Downgrades State of California GOs to ‘BBB’; Maintains Rating Watch Negative

NEW YORK–(BUSINESS WIRE)–Fitch Ratings has downgraded the state of California’s (the state) long-term general obligation (GO) bond rating to ‘BBB’ from ‘A-’. The bonds remain on Rating Watch Negative. The rating action affects the state’s GOs and lease appropriation and related bonds as detailed at the end of this release.

The downgrade to ‘BBB’ is based on the state’s continued inability to achieve timely agreement on budgetary and cash flow solutions to its severe fiscal crisis. Since no agreement was reached by the June 30, 2009 fiscal year (FY) end, the state’s controller has now begun issuing registered warrants (IOUs) for certain non-priority payments to preserve cash, and the budget gap to be addressed has increased to $26.3 billion from $24.3 billion. The use of IOUs for non-priority payments would offset cash shortfalls into September 2009 as now currently projected.

The Rating Watch Negative reflects the short-term risk, in Fitch’s view, that institutional gridlock could persist, further aggravating the state’s already severe economic, revenue and liquidity challenges and weighing on the state’s credit. Resolution of the Negative Watch will depend on actions taken to address the cash flow imbalance. The ‘BBB’ rating indicates that expectations of default risk remain low, although the rating is well below that of most other tax supported issuers. GO debt in California has a constitutional prior claim on revenues, although after education; appropriation debt has a lesser legal claim, but the controller prioritizes payment directly after GO debt service, ahead of other mandatory payments.

With issuance of IOUs for non-priority payments, margins for meeting constitutional and court-required contractual commitments are narrowing. After September 2009, absent any proposed budget and payment adjustments, cash deficits will expand dramatically. Cash flow solutions, including the ability to access short-term borrowing, are inextricably tied to reaching timely agreement on effective and credible budget solutions.

The state’s budget revision released in May had forecast a $24.3 billion budgetary gap through June 30, 2010, the end of FY 2010, before proposed solutions; $3.1 billion of proposed solutions were in FY 2009, with the remainder in FY 2010. By failing to reach agreement prior to June 30, 2009, the end of FY 2009, a portion of the $3.1 billion in proposed FY 2009 budgetary solutions has been forfeited; notably, such solutions would have alleviated the cash flow stress forecast in the early months of FY 2010 by reducing or deferring scheduled statutory disbursements, primarily to education. Moreover, under the state’s constitutional spending formula for education, foregone FY 2009 proposed solutions lead to higher required spending in FY 2010 and beyond, and pushed the FY 2010 baseline budget gap to $26.3 billion.

The inability of the state to reach agreement has prompted the controller to begin issuing IOUs for non-priority payments, primarily disbursements to vendors, for certain social services, and for tax refunds, in order to ensure payment of priority payments, including GO and lease debt service. The controller’s office estimates that $3 billion in IOUs will be issued during July 2009; priority payments of $10.8 billion will be made for education, debt service, Medicaid, payroll, pensions and other mandatory contractual obligations. Projections will be revised to reflect June revenue performance and other changes but as currently estimated, cumulative cash deficits of $3.7 billion are projected through August, offset by $4.5 billion in non-priority payments that could be covered with IOUS, excluding tax refunds. However, by the end of October, the projected cash deficit expands to $16.1 billion, well beyond non-priority spending of only $10.6 billion, excluding tax refunds.

Today’s further downgrade to ‘BBB’ on Rating Watch Negative affects GOs, GO veterans, economic recovery and Cal-Mortgage Loan Insurance Division bond ratings.

Moreover, the following appropriation bonds of the state are also downgraded to ‘BBB-’ on Rating Watch Negative:

–Public Works Board (except for those issued for the Regents of the University of California);

–East Bay State Building Authority;

–Los Angeles State Building Authority;

–Oakland State Building Authority;

–Riverside County Financing Authority;

–Sacramento City Financing Authority;

–San Bernardino Joint Powers Financing Authority;

–San Francisco State Building Authority;

–Golden State Tobacco Securitization Corporation (series 2005A);

–California Infrastructure and Economic Development Bank state school fund apportionment lease revenue bonds;

–California Judgment Trust;

–Shafter Joint Powers Financing Authority;

–Taft Public Finance Authority.

Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.