Big Banks Don't Want California's IOUs
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.
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Big banks stop cashing California IOUs
Californians have fewer places to redeem IOUs issued by the cash-strapped state. At least three major banks, Wells Fargo (WFC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500), stopped accepting the IOUs.
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