California tries to cash in with commemorative IOU checks
State copies gimmick used by Michael Jackson concert promoter to avoid ticket refunds, offers souvenir IOUs with hologram of Schwarzenegger.
By Pete Tomruno, Staff Writer
Seeking a silver lining in California's budget mess, state officials have begun printing "commemorative" IOU checks, modeled after the souvenir Michael Jackson concert tickets that AEG offered in lieu of refunds for his canceled tour.
Under California's program, holders of state-issued IOUs can redeem them for cash later this year or keep them as mementos.
Suitable for framing, each check will be emblazoned with a hologram image of either Arnold Schwarzenegger as The Terminator, or the entire state Legislature being obliterated by a fireball from outer space.
"We're confident a significant number of people will choose to memorialize California's budget meltdown by keeping these beautiful souvenir IOUs," said state Treasurer Bill Lockyer.