Losing patience with California's 4-6 week processing time for her IOUs, Nancy Baird is carrying on the time-honored American tradition of the frivolous lawsuit and suing the state. The embroidery and printing business owner contends that if she doesn't get her $27k in greenbacks for some polo shirts and uniforms she supplied to a state-run youth camp, she is going to have to close down. Her lawyer, William M. Audet, who presumably either accepts IOUs or works pro bono, is outraged at the state's haphazard solution to the budget crisis.
"I've never seen a state behave in such a cavalier manner to the people that provide goods and services that enable it to operate"
He clearly wasn't paying attention when Calpers pinned the fortunes of $1.3 billion in pension money on AAA-rated CMBS.