BofA, Wells to accept California IOUs - Kansas City Business Journal:

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BofA says the state’s budget crisis prompted its decision. “Tlo support our customers, while giving the state legislature additiona time to pass a we will acceptCalifornia state-registered warrants or IOUs — from existingh customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a writtehn statement. San Francisco-based Wellsd (NYSE:WFC) says it is accepting the warrantas for the sake ofits customers. "Wre are reluctant to take this but are doing so to help our customers who are not at faul t and with the expectation that the legislaturer and governor will complete the budgetwithih days," Wells says. On Wednesday, Gov.
Arnold Schwarzeneggere blasted state lawmakers for failing to pluga $24 billiojn hole in the statre budget before the start of the new fiscalo year. And he called a special session of the state legislaturr to fix thebudget mess. Failurd to pass a budget by midnight Tuesdaty increases the shortfall to morethan $26 billio due to the loss of education-related budget Schwarzenegger said at a press conference He also announced an executivr order adding a third furlough day each monthh for state workers, a move expectedx to free up an additionapl $425 million in the new fiscal Although the governor called for the specialk session, it is up to the legislature to schedule it.
When it will be held is yet tobe