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

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BofA says the state’xs budget crisis prompted its “To support our customers, while givinh the state legislature additional time to passa budget, we will acceprt California state-registered warrants — or IOUs from existing customers and clients,” Charlotte-baseed BofA (NYSE:BAC) says in a written statement. San Francisco-baserd Wells (NYSE:WFC) says it is accepting the warrants for the sake ofits "We are reluctant to take this but are doing so to help our customere who are not at faulgt and with the expectation that the legislature and governor will complete the budgett within days," Wells says. On Gov.
Arnold Schwarzenegger blasted statew lawmakers for failing to pluga $24 billionm hole in the state budget befor e the start of the new fiscap year. And he called a special session of the state legislature to fix thebudget mess. Failure to pass a budger by midnight Tuesday increasews the shortfall to morethan $26 billio due to the loss of education-relaterd budget fixes, Schwarzenegger said at a pressx conference Wednesday. He also announced an executivew order adding a third furlough day each montjh forstate workers, a move expected to free up an additionalo $425 million in the new fiscal year.
Althoug h the governor called for thespeciap session, it is up to the legislature to scheduled it. When it will be held is yet tobe