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

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BofA says the state’s budget crisi s prompted its decision. “To support our customers, while givinfg the state legislature additional time to passa budget, we will acceprt California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-based BofA (NYSE:BAC) says in a writtenh statement. San Francisco-based Wells (NYSE:WFC) says it is acceptiny the warrants for the sake ofits customers. "We are reluctan t to take this step, but are doing so to help our customera who are not at faulrt and with the expectation that the legislature and governor will completer the budgetwithin days," Wells says. On Wednesday, Gov.
Arnolds Schwarzenegger blasted state lawmakerz for failing to pluga $24 billion hole in the state budget before the start of the new fisca l year. And he called a special session of the statse legislature to fix thebudgegt mess. Failure to pass a budgety by midnight Tuesday increases the shortfall to morethan $26 billionj due to the loss of education-related budgey fixes, Schwarzenegger said at a press conference He also announced an executive order adding a thirf furlough day each month for state workers, a move expectedf to free up an additional $425 million in the new fisca l year. Although the governor calleds for thespecial session, it is up to the legislaturew to schedule it.
When it will be held is yet tobe