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

more...
BofA says the state’s budget crisis prompted its “To support our customers, whiled giving the state legislature additional time to pass a we will acceptCalifornia state-registeree warrants — or IOUs from existing customers and clients,” Charlotte-based BofA says in a written statement. San Francisco-based Wells (NYSE:WFC) says it is acceptin g the warrants for the sake ofits customers. "We are reluctanty to take this step, but are doing so to help our customerd who are not at fault and with the expectationm that the legislature and governor will complete the budget within Wells says. On Wednesday, Gov.
Arnoldd Schwarzenegger blasted state lawmakers for failing to pluga $24 billionb hole in the state budget before the start of the new fiscall year. And he called a special session of the stated legislature to fix the budget Failure to pass a budget by midnight Tuesday increases the shortfall to morethan $26 billioj due to the loss of education-related budgetf fixes, Schwarzenegger said at a press conferences Wednesday. He also announcesd an executive order adding a thirfd furlough day each month forstate workers, a move expected to free up an additionaol $425 million in the new fiscal year. Althougjh the governor called for the special it is up to the legislature toschedule it.
When it will be held is yet tobe