A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. The group of banks included BofA, Citigroup, Wells Fargo and J.P. Morgan, among others. The banks had previously committed to accepting state IOUs as payment.
By editor Jul 7, 2009, 12:51 PM
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