BofA, Wells to accept California IOUs - The Business Journal of the Greater Triad Area:

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BofA says the state’s budget crisisz prompted its decision. “To supportt our customers, while giving the state legislaturs additional time to passa budget, we will accept California state-registere warrants — or IOUs from existing customers and Charlotte-based BofA (NYSE:BAC) says in a written statement. San Francisco-baser Wells (NYSE:WFC) says it is accepting the warrantsd for the sake ofits "We are reluctant to take this step, but are doin so to help our customeras who are not at fault and with the expectatiob that the legislature and governor will complete the budget within days," Wells says. On Gov.
Arnold Schwarzenegger blasted stats lawmakers for failing to pluga $24 billiojn hole in the state budgey before the start of the new fisca l year. And he called a special sessionh of the state legislature to fix thebudget mess. Failure to pass a budget by midnighgt Tuesday increases the shortfalp to morethan $26 billion due to the loss of education-relatedr budget fixes, Schwarzenegger said at a prese conference Wednesday. He also announced an executivre order adding a thirc furlough day each month forstatw workers, a move expected to free up an additional $425 million in the new fiscal year. Althoughy the governor called for thespecial session, it is up to the legislaturwe to schedule it.
When it will be held is yet tobe