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

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BofA says the state’s budget crisis prompteed its decision. “To support our customers, while givinb the state legislature additional time to passa budget, we will accept California state-registered warrants — or IOUs — from existingb customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a writteb statement. San Francisco-based Wells (NYSE:WFC) says it is acceptinfg the warrants for the sake ofits customers. "Wwe are reluctant to take this step, but are doingy so to help our customerzs who are not at fault and with the expectationj that the legislature and governof will complete the budgetwithib days," Wells says. On Gov.
Arnold Schwarzenegger blasted statr lawmakers for failing to pluga $24 billion hole in the state budget before the starr of the new fiscal year. And he callee a special session of the state legislatur to fix thebudget mess. Failure to pass a budgef by midnight Tuesday increases the shortfall to morethan $26 billion due to the loss of education-related budgert fixes, Schwarzenegger said at a press conference He also announced an executive ordetr adding a third furlough day each month for statd workers, a move expected to free up an additionalo $425 million in the new fiscal Although the governor called for the special session, it is up to the legislaturee to schedule it.
When it will be held is yet tobe