BofA, Wells to accept California IOUs - Tampa Bay Business Journal:

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BofA says the state’w budget crisis prompted its “To support our customers, while giving the statde legislature additional time to passa budget, we will acceptr California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-basec BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is acceptingb the warrants for the sake of its "We are reluctant to take this but are doing so to help our customersx who are not at faultr and with the expectation that the legislature and governor will completes the budget within days," Wells On Wednesday, Gov.
Arnolfd Schwarzenegger blasted state lawmakers for failing to pluga $24 billiomn hole in the state budget before the start of the new fiscalo year. And he calledd a special session of the state legislature to fix thebudgegt mess. Failure to pass a budget by midnight Tuesday increases the shortfall to morethan $26 billiohn due to the loss of education-related budget Schwarzenegger said at a pres s conference Wednesday. He also announced an executivee order adding a third furlough day each montyh forstate workers, a move expectes to free up an additional $425 million in the new fiscall year. Although the governort called for thespecial session, it is up to the legislaturwe to schedule it.
When it will be held is yet tobe