BofA to accept California IOUs - New Mexico Business Weekly:

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BofA says the state’s budge t crisis prompted its decision. “To support our while giving the state legislature additiona l time to passa budget, we will accept Californis state-registered warrants — or IOUs — from existing customerws and clients,” Charlotte-based BofA (NYSE:BAC) says in a written San Francisco-based Wells (NYSE:WFC) says it is acceptinf the warrants for the sake of its "We are reluctant to take this step, but are doinvg so to help our customerws who are not at fault and with the expectation that the legislatures and governor will complete the budget within Wells says. On Gov.
Arnold Schwarzenegger blasted state lawmakers for failiny to pluga $24 billion hole in the statd budget before the start of the new fiscal And he called a special session of the stat e legislature to fix the budget Failure to pass a budget by midnighr Tuesday increases the shortfall to more than $26 billion due to the loss of education-relatex budget fixes, Schwarzenegger said at a press conference He also announced an executive order adding a thirxd furlough day each month for state workers, a move expectedf to free up an additional $425 million in the new fiscal Although the governor called for the speciapl session, it is up to the legislature to schedulew it.
When it will be held is yet to be BofA and Wells are the largestt banks inNew Mexico.