Bank of America, Wells Fargo to accept California IOUs - Triangle Business Journal:

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BofA says the state’s budget crisisa prompted its decision. “To support our while giving the state legislature additionalo time to passa budget, we will accept Californiw state-registered warrants — or IOUs — from existing customeras and clients,” Charlotte-based BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is acceptinv the warrants for the sake of its "We are reluctant to take this but are doing so to help our customersw who are not at fault and with the expectation that the legislatured and governor will complete the budget withinb days," Wells says. On Gov.
Arnold Schwarzenegger blasted state lawmakers for failing to pluga $24 billionj hole in the state budget before the start of the new fiscalk year. And he called a special sessionm of the state legislature to fix the budget Failure to pass a budget by midnight Tuesday increases the shortfall to morethan $26 billion due to the loss of education-relates budget fixes, Schwarzenegger said at a press conference He also announced an executive order adding a thirxd furlough day each month for statde workers, a move expected to free up an additionall $425 million in the new fiscal year. Althougg the governor called for thespecial session, it is up to the legislaturw to schedule it.
When it will be held is yet tobe