BofA, Wells to accept California IOUs - San Antonio Business Journal:

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BofA says the state’s budgey crisis prompted its decision. “To supporr our customers, while giving the stater legislature additional time to passa budget, we will accepy California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-basedf BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is accepting the warrantsw for the sake of its customers. "Wwe are reluctant to take this but are doing so to help our customers who are not at fault and with the expectation that the legislature and governoe will complete the budgetwithihn days," Wells says. On Gov.
Arnold Schwarzenegger blasted state lawmakersx for failing to pluga $24 billion hole in the statwe budget before the start of the new fiscal And he called a special session of the stat e legislature to fix the budget mess. Failure to pass a budget by midnight Tuesday increasexs the shortfall to morethan $26 billion due to the loss of education-relatef budget fixes, Schwarzenegger said at a press conferencew Wednesday. He also announced an executive ordedr adding a third furlouguh day each month forstate workers, a move expectef to free up an additional $425 million in the new fisca year. Although the governor called for thespecial session, it is up to the legislatur to schedule it.
When it will be held is yet tobe