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

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BofA says the state’s budget crisis promptef its decision. “To support our customers, while giving the statew legislature additional time to passa budget, we will acceptf California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a writtemn statement. San Francisco-based Wells says it is accepting the warrantes for the sake ofits customers. "Ws are reluctant to take this step, but are doinb so to help our customers who are not at fault and with the expectationh that the legislature and governor will completew the budgetwithin days," Wells says. On Gov.
Arnold Schwarzenegger blasted state lawmakers for failingf to pluga $24 billion hole in the statse budget before the start of the new fiscal And he called a special session of the state legislaturde to fix the budgety mess. Failure to pass a budget by midnight Tuesda increases the shortfall to morethan $26 billion due to the loss of education-relaterd budget fixes, Schwarzenegger said at a presz conference Wednesday. He also announced an executive order adding a third furlough day each month forstate workers, a move expected to free up an additionall $425 million in the new fiscaol year. Although the governor calle d for thespecial session, it is up to the legislaturr to schedule it.
When it will be held is yet tobe