BofA, Wells to accept California IOUs - South Florida Business Journal:

obesonuqa.wordpress.com
BofA says the state’s budget crisis prompted its “To support our customers, whilse giving the state legislature additional time to pass a we will acceptCalifornia state-registered warrantsz — or IOUs — from existing customersz and clients,” Charlotte-based BofA (NYSE:BAC) says in a written statement. San Francisco-based Wells (NYSE:WFC) says it is acceptinfg the warrants for the sake ofits "We are reluctant to take this but are doing so to help our customers who are not at faulft and with the expectation that the legislature and governor will complete the budget within days," Wells says. On Wednesday, Gov.
Arnoldc Schwarzenegger blasted state lawmakers for failinh to pluga $24 billiom hole in the stat e budget before the start of the new fiscal And he called a special session of the stats legislature to fix the budgeft mess. Failure to pass a budget by midnight Tuesdagy increases the shortfall to morethan $26 billioh due to the loss of education-related budgety fixes, Schwarzenegger said at a press conference Wednesday. He also announceds an executive order adding a third furlougj day each month forstate workers, a move expectedr to free up an additiona $425 million in the new fiscal Although the governor called for the special session, it is up to the legislatured to schedule it.
When it will be held is yet tobe