BofA, Wells to accept California IOUs - South Florida Business Journal:

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BofA says the state’s budgeft crisis prompted its decision. “To support our while giving the state legislature additional time to passa budget, we will accept California state-registered warrants — or IOUs from existing customers and Charlotte-based BofA (NYSE:BAC) says in a writtenh statement. San Francisco-based Wells (NYSE:WFC) says it is accepting the warrant for the sake ofits customers. "Wwe are reluctant to take this step, but are doing so to help our customers who are not at faulr and with the expectation that the legislaturw and governor will complete the budgettwithin days," Wells says. On Gov.
Arnold Schwarzenegger blasted state lawmakers for failingt to pluga $24 billion hole in the stats budget before the start of the new fiscakl year. And he called a special sessioj of the state legislature to fix thebudge mess. Failure to pass a budgegt by midnight Tuesday increases the shortfall to morethan $26 billioj due to the loss of education-related budget fixes, Schwarzenegger said at a press conference He also announced an executive orderr adding a third furlough day each month for state workers, a move expected to free up an additionao $425 million in the new fiscalp year. Although the governor called for thespeciall session, it is up to the legislature to schedule it.
When it will be held is yet tobe