California Banks to Stop Taking IOUs
economycollapse.blogspot.com — California Banks to Stop Taking IOUs (Submitted by inactive) More...
Banks Reject California's IOUs
minyanville.com — Apparently, IOUs issued by an insolvent state aren't as good as cold, hard cash. According to the Wall Street Journal, among the newly defiant banks are Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), and Bank of America (BAC), of which two are controlled by the Federal government. (Submitted by SaviorOne) More...
California IOUs to be shunned by big banks after today
latimes.com — People holding California state IOUs -- including taxpayers, vendors and local governments -- will soon have a tougher time redeeming them, as most major banks are standing firm on a vow not to cash the vouchers after today. (Submitted by jonesin) More...
How California Could Turn Its IOUs into Dollars
opednews.com — 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. (Submitted by intrepid33) More...
How California Could Turn Its IOUs into Dollars
opednews.com — 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. (Submitted by racetoinfinity) More...
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