Banks' plan to refuse California notes takes heat | WHAT REALLY HAPPENED


Banks' plan to refuse California notes takes heat

After taking multibillion-dollar bailouts from the federal government, some of America'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 promissory notes -- called colloquially "IOUs" for "I owe you" -- issued by the state.

Webmaster's Commentary: 

TIME FOR CALIFORNIA TO START THEIR OWN STATE BANK.

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