Wednesday, July 1, 2009

California Insolvency is Here (?)

We're insolvent, I guess. Let's see what happens.

2009-07-01: California Prepares to Issue IOU's
Sacramento ( - California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to close the state's worsening budget deficit, adding a new measure of indignity to a state sinking deeper into dysfunction.

2009-07-01: BofA to accept California IOUs
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, we will accept California state-registered warrants - or IOUs -from existing customers and clients,” the bank said. “Based on state disbursement estimates, we will accept the registered warrants through July 10.”

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