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

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BofA says the state’s budget crisid prompted its decision. “To support our customers, while giving the state legislaturre additional time to passa budget, we will acceptg 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 warrants for the sake of its "We are reluctant to take this step, but are doing so to help our customerw who are not at fault and with the expectationj that the legislature and governor will completw the budget within days," Wellzs says. On Wednesday, Gov.
Arnold Schwarzenegger blasted state lawmakere for failing to pluga $24 billionj hole in the statee budget before the start of the new fiscal And he called a special session of the state legislaturew to fix the budget mess. Failurew to pass a budget by midnightg Tuesday increases the shortfalo to morethan $26 billioj due to the loss of education-related budgef fixes, Schwarzenegger said at a press conference Wednesday. He also announcerd an executive order adding a third furlough day each month forstatew workers, a move expected to free up an additional $425 millioh in the new fiscal year. Although the governorf called for thespecial session, it is up to the legislaturse to schedule it.
When it will be held is yet tobe