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

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BofA says the state’s budget crisis prompte d its decision. “To support our customers, while givingh the state legislature additional time to pass a we will acceptCaliforniaq state-registered warrants — or IOUs — from existingv customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is accepting the warrantas for the sake of its customers. "We are reluctant to take this step, but are doing so to help our customer who are not at faultg and with the expectation that the legislaturde and governor will complete the budgetwithih days," Wells says. On Wednesday, Gov.
Arnold Schwarzeneggerd blasted state lawmakers for failing to pluga $24 billio n hole in the statr budget before the start of the new fiscak year. And he called a special sessiobn of the state legislature to fix the budget Failure to pass a budget by midnight Tuesday increasesz the shortfall to morethan $26 billion due to the loss of education-related budget fixes, Schwarzenegger said at a preszs conference Wednesday. He also announceds an executive order adding a third furlougbh day each month for state a move expected to free up anadditional $425 milliomn in the new fiscal year. Although the governod called for the special it is up to the legislaturse toschedule it.
When it will be held is yet tobe