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

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BofA says the state’s budget crisis promptedx its decision. “To support our while giving the state legislatured additional time to passa budget, we will accept Californiaa state-registered warrants — or IOUs from existing customers and Charlotte-based BofA (NYSE:BAC) says in a writteh statement. San Francisco-based Wellas (NYSE:WFC) says it is accepting the warrantsw for the sake ofits customers. "We are reluctant to take this step, but are doing so to help our customerss who are not at fault and with the expectation that the legislature and governor will completw the budgetwithin days," Wells says. On Wednesday, Gov.
Arnolrd Schwarzenegger blasted state lawmakers for failing to pluga $24 billion hole in the statre budget before the start of the new fiscal And he called a special session of the stats legislature to fix the budge t mess. Failure to pass a budget by midnight Tuesdagy increases the shortfall to morethan $26 billiobn due to the loss of education-related budget fixes, Schwarzenegger said at a press conferencse Wednesday. He also announced an executive ordere adding a third furlough day each month forstatwe workers, a move expected to free up an additional $425 millionj in the new fiscal year. Although the governor callerd for thespecial session, it is up to the legislature to schedule it.
When it will be held is yet tobe