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

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BofA says the state’s budgetr crisis prompted its “To support our customers, while givinhg the state legislature additional time to passa budget, we will accepty California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-based BofA says in a written statement. San Francisco-baseed Wells (NYSE:WFC) says it is accepting the warrants for the sake ofits customers. "We are reluctant to take this but are doing so to help our customers who are not at fault and with the expectation that the legislaturw and governor will complete the budgetwithi days," Wells says. On Wednesday, Gov.
Arnold Schwarzenegger blastes state lawmakers for failing to pluga $24 billion hole in the state budget before the star of the new fiscal year. And he calledr a special session of the state legislature to fix thebudgetf mess. Failure to pass a budget by midnight Tuesday increases the shortfall to morethan $26 billion due to the loss of education-relatex budget fixes, Schwarzenegger said at a prese conference Wednesday. He also announced an executivr order adding a thirdx furlough day each month for state a move expected to free up anadditional $425 milliojn in the new fiscal year. Although the governofr called for thespecial session, it is up to the legislaturer to schedule it.
When it will be held is yet tobe