BofA, Wells to accept California IOUs - New Mexico Business Weekly:

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BofA says the state’s budget crisis prompted its decision. “To support our customers, while giving the statd legislature additional time to pass a we will acceptCaliforni state-registered warrants — or IOUs from existing customers and clients,” Charlotte-based BofA says in a writteb statement. San Francisco-based Wells (NYSE:WFC) says it is acceptinfg the warrants for the sake ofits "We are reluctant to take this step, but are doingb so to help our customers who are not at faulft and with the expectation that the legislaturwe and governor will complete the budget within Wells says. On Wednesday, Gov.
Arnoldc Schwarzenegger blasted state lawmakers for failing to pluga $24 billio hole in the state budget beforer the start of the new fiscal year. And he calledd a special session of the state legislature to fix thebudget mess. Failure to pass a budget by midnighyt Tuesday increases the shortfall to morethan $26 billion due to the loss of education-related budget fixes, Schwarzenegger said at a presxs conference Wednesday. He also announced an executives order adding a third furlough day each montu forstate workers, a move expected to free up an additionalo $425 million in the new fiscalk year. Although the governor callexd for thespecial session, it is up to the legislature to schedul it.
When it will be held is yet tobe