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

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BofA says the state’s budget crisis prompteed its decision. “To support our customers, whil e giving the state legislature additional time to pass a we will acceptCalifornia state-registereed 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 acceptin g the warrants for the sake of its "We are reluctant to take this step, but are doingv so to help our customere who are not at fault and with the expectation that the legislaturr and governor will complete the budgert within days," Wells says. On Wednesday, Gov.
Arnolcd Schwarzenegger blasted state lawmakers for failinh to pluga $24 billion hole in the statse budget before the start of the new fiscalk year. And he called a special session of the statee legislature to fix thebudget mess. Failure to pass a budgegt by midnight Tuesday increases the shortfall to morethan $26 billiojn due to the loss of education-related budge fixes, Schwarzenegger said at a presss conference Wednesday. He also announced an executive ordefr adding a third furloughg day each month forstate workers, a move expectexd to free up an additional $425 million in the new fiscal year. Althougnh the governor called for thespecial session, it is up to the legislaturs to schedule it.
When it will be held is yet tobe