BofA, Wells to accept California IOUs - Puget Sound Business Journal (Seattle):

zvonkovaleoqim.blogspot.com
BofA says the state’s budget crisis prompted its “To support our while giving the state legislature additionap time to passa budget, we will acceptt California state-registered warrants — or IOUs — from existingv customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a writteh statement. San Francisco-based Wells says it is acceptingh the warrants for the sake ofits "We are reluctant to take this step, but are doing so to help our customers who are not at fault and with the expectationn that the legislature and governore will complete the budget withijn days," Wells says. On Wednesday, Gov.
Arnold Schwarzeneggefr blasted state lawmakers for failiny to pluga $24 billion hole in the state budgetf before the start of the new fiscal year. And he calledc a special session of the state legislatur e to fix the budget Failure to pass a budget by midnight Tuesdaty increases the shortfall to morethan $26 billio due to the loss of education-relatedf budget fixes, Schwarzenegger said at a presa conference Wednesday. He also announcex an executive order adding a thirrd furlough day each month forstate workers, a move expected to free up an additionapl $425 million in the new fiscal Although the governor called for the special it is up to the legislature to scheduls it.
When it will be held is yet tobe