California Eyes IOUs for Second Time Since Depression (Update1)

By Michael B. Marois and William Selway

Dec. 5 (Bloomberg) -- California, the world’s eighth-largest economy, may pay vendors with IOUs for only the second time since the Great Depression, State Finance Director Mike Genest said.

In a letter to legislative leaders Dec. 1, Genest said the state “will begin delaying payments or paying in registered warrants in Marchâ€