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To: yard_man who wrote (208847)	12/10/2002 4:55:04 PM
From: reaper	Respond to of 436258

yeah, lots of states have been doing that. somehow in the math of political accounting, if you have a (one-year) deficit of $1 billion, and you have eleven $100mm annual payments coming from a tobacco company, you can sell a bond against those payments for $1 billion and walla, your deficit is gone. of course, you're out $100mm of revenue for each of the next 9 years, but hey that's the next guy's problem. somebody needs to teach these guys the difference between a balance sheet and and income statement. then again that's probably too much to expect from a bunch of people who don't even know right from wrong. btw, remember that MBIA and Ambac are insuring the obligations of all these farking financial rocket scientists. Cheers