Banks Will Not Accept California’s IOUs

After taking multibillion-dollar bailouts from the federal government, some of the nation’s biggest banks are declining to lend a hand with a different financial mess: the California budget stalemate.

The banks, including JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. and some regional banks, are trying to pressure lawmakers to end the impasse by warning that, after Friday, they won’t accept IOUs issued by the state. The move would leave many businesses and families with pieces of paper and fewer options for getting their money immediately.

IOUs?  What the hell is California thinking?

via Banks draw line over accepting Calif. IOUs – U.S. business- msnbc.com.