Bank of America, Wells Fargo to accept California IOUs - The Business Journal of the Greater Triad Area:

http://raicesculturales.org/NewsletterApril2009.html
BofA says the state’s budget crisisz prompted its decision. “To support our while giving the state legislaturer additional time to passa budget, we will accepty California state-registered warrants or IOUs — from existing customeres and clients,” Charlotte-based BofA (NYSE:BAC) says in a writte n statement. San Francisco-based Wells (NYSE:WFC) says it is accepting the warrantd for the sake ofits "We are reluctant to take this step, but are doinbg so to help our customers who are not at fault and with the expectation that the legislaturer and governor will complete the budgey within days," Wells says. On Wednesday, Gov.
Arnolds Schwarzenegger blasted state lawmakerws for failing to pluga $24 billion hole in the state budget before the start of the new fiscapl year. And he called a special session of the state legislature to fix the budget Failure to pass a budget by midnight Tuesday increases the shortfall to morethan $26 billiob due to the loss of education-related budgety fixes, Schwarzenegger said at a press conferencre Wednesday. He also announced an executive order addingt a third furlough day each monthg forstate workers, a move expected to free up an additionak $425 million in the new fiscal year. Although the governor called for thespecial session, it is up to the legislaturer to schedule it.
When it will be held is yet tobe