Sat, Jul 11th, 2009
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Thousands of vendors who do billions of dollars of business with the state of California are scrambling as major banks say they will no longer honor the state's IOUs.
Despite pressure from the state treasurer, JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co. and other major banks planned to stick to their plans and not honor California's warrants after Friday. State Treasurer Bill Lockyer announced Citigroup Inc. agreed to a one-week extension through July 17.
Related stories from top sites:
Bank of America, Citi Wring Profits; Regionals Beware
Jul 2nd, 2009 - Wall Street Journal
NEW YORK--(Dow Jones)--Bank of America Corp. (BAC) and Citigroup Inc. (C) both managed to squeeze out second quarter profits, despite stark signs of looming heavy losses from commercial loans...
Big banks stop cashing California IOUs
Jul 2nd, 2009 - CNNMoney
NEW YORK (CNNMoney.com) -- Californians have fewer places to redeem IOUs issued by the cash-strapped state. At least three major banks, Wells Fargo (WFC, Fortune 500)...
More banks refuse California IOUs
Jul 2nd, 2009 - UPI.com
SACRAMENTO, July 11 (UPI) -- Four major banks, including Bank of America Corp., say they stopped accepting IOUs Saturday from the cash-strapped state of California.Bank of America...
Citi, Bank of the West to keep taking IOUs
Jul 2nd, 2009 - bizjournals
Citibank and Bank of the West will continue accepting California IOUs, State Treasurer Bill Lockyer’s office said late Friday. Citi (NYSE: C) agreed to accept the notes for another week -- to July 17...
BofA to accept California IOUs
Jul 2nd, 2009 - bizjournals
Bank of America said Wednesday that it will accept IOUs from the state of California from its customers through July 10. “To support our customers, while giving the government additional time to pass a budget...
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- Major Banks May Not Honor...Thousands of vendors who do billions of dollars of business with the state of California are scrambling as major banks say they will no longer honor the state's IOUs.
Related stories from Digg:
Wells Fargo and Bank of America will take state IOUs | FTB
From Tom Petruno's Money & Company blog in the LA Times: Wells Fargo and Bank of America said today they would resume allowing customers to deposit California IOUs, which both banks had stopped accepting in early July. Read More...(Business & Finance)
FeedTheBullThu, Sep 3rd, 20091 Diggs, 0 CommentsHow California Could Turn Its IOUs into Dollars
California has over $17 billion on deposit in banks that have refused to honor its IOUs, forcing legislators to accept crippling budget cuts. These austerity measures are unnecessary. If the state were to deposit its money in its own state-owned bank, it could have enough credit to solve its budget crisis with funds to spare.(Business & Finance)
racetoinfinityWed, Aug 26th, 20092 Diggs, 0 CommentsCalifornia Bailed Out by JP Morgan
JP Morgan bank bails out California with a loan to pay off its IOUs. But the bank, itself, was bailed out by Congress. There is no free market left in banking.(Business & Finance)
tracyaustinMon, Aug 24th, 20091 Diggs, 0 Comments
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