Gov. Schwarzenegger to sell interest in CA to Austria

California Gov. Arnold Schwarzenegger plans to get California out of debt by selling controlling interest in California to Austrian investors

"It's not as crazy as it might sound," says a financier with close ties to the iron-pumping action star-turned-politician. "You can't actually sell a sovereign state to a foreign country, but there's no law against selling a majority interest in that state's financial and business affairs to anyone you choose. "Austrians love their native son and they love the idea that he crossed the Atlantic as little more than a pumped-up muscleman and then went on to become one of the most powerful men on the planet. "Who better to provide that than Austrians, who are not only wealthy, they're disciplined -- and much smarter than Americans. They know how to run a country right.

Just how the plan might work remains unclear, but the financial expert says that if Schwarzenegger wants to sell controlling interest in California there's no way to stop him, because with the exception of a few industries that impact national security, there's no law against investing.

Schwarzenegger will neither confirm nor deny, but he has dropped a few hints. Just days ago he told a reporter, "If Californians were as disciplined as Austrians, we'd not only be on the road to prosperity, we'd be building a toll booth on it -- that is my vision for the future."

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