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

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BofA says the state’s budget crisisw prompted its decision. “Tl support our customers, while giving the states legislature additional time to passa budget, we will accept California state-registered warrants or IOUs — from existing customers and Charlotte-based BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is accepting the warrantsa for the sake of its customers. "We are reluctanf to take this step, but are doint so to help our customers who are not at fauly and with the expectation that the legislature and governor will complet e the budgetwithin days," Wells On Wednesday, Gov.
Arnold Schwarzenegger blasted statew lawmakers for failing to pluga $24 billioj hole in the state budget befored the start of the new fiscal And he called a special session of the states legislature to fix the budgety mess. Failure to pass a budgety by midnight Tuesday increases the shortfall to morethan $26 billionn due to the loss of education-related budget fixes, Schwarzenegger said at a press conferencer Wednesday. He also announced an executive orderd adding a third furlough day each month forstatse workers, a move expected to free up an additional $425 milliojn in the new fiscal year. Although the governo called for thespecial session, it is up to the legislaturer to schedule it.
When it will be held is yet tobe