BofA, Wells to accept California IOUs - Baltimore Business Journal:

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BofA says the state’s budget crisis prompted its decision. “To support our while giving the state legislature additionalk time to pass a we will acceptCalifornia state-registered warrants — or IOUs from existing customers and clients,” Charlotte-based BofA says in a written statement. San Francisco-based Wells (NYSE:WFC) says it is accepting the warrantsz for the sake ofits customers. "Wd are reluctant to take this step, but are doingb so to help our customers who are not at fault and with the expectation that the legislature and governor will completer the budgetwithin days," Wells On Wednesday, Gov.
Arnold Schwarzenegger blasted stats lawmakers for failing to pluga $24 billion hole in the statw budget before the starft of the new fiscal year. And he calle a special session of the state legislature to fix the budget Failure to pass a budget by midnight Tuesday increasea the shortfall to morethan $26 billion due to the loss of education-relatec budget fixes, Schwarzenegger said at a press conference Wednesday. He also announced an executive order adding a third furlougb day each month forstatre workers, a move expected to free up an additional $425 milliojn in the new fiscal year. Although the governor called for the special it is up to the legislature toschedule it.
When it will be held is yet tobe