Arnold: Give Your $$$ to Me

Gov. Arnold Schwarzenegger warns of big money worries for state.

By Vicky Nguyen
|  Wednesday, Oct 15, 2008  |  Updated 6:01 AM PDT
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Arnold: Give Your $$$ to Me

ASSOCIATED PRESS

California Gov. Arnold Schwarzenegger signs the state budget during a small ceremony in his office at the Capitol in Sacramento, Calif., on Tuesday, Sept. 23, 2008.(AP Photo/Steve Yeater)

California's governor is asking you to invest in the Golden State.

Otherwise, he says, California faces a major cash crunch.

The state needs billions of dollars in short term loans to pay its bills.

Now the governor is lending his voice to radio ads to appeal to investors.

Starting next week, the state treasury will make $4 billion in short term notes available.

For a minimum investment of $5,000, investors can buy the notes.

They are tax exempt and will be paid back, with interest TBD, by next June.

One caveat -- the notes are not insured.

The treasurer's office is quick to say that California has never defaulted on any notes or bonds.

The governor says it's California's leadership in green industries that will help build its economy.

The governor says he's optimistic the state will get the help it needs in the short term, but he and state lawmakers still have no solution for the state's long term budget woes.

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