Hey California, Bank of America was Just Joking About Taking the IOU’s

california.gifLast week we told you about Bank of America doing California a solid by taking the busted state’s IOU’s. Well, the banks had the holiday weekend to think about it and after some barbecue, beers, and shooting roman candles at Ken Lewis, they pretty much decided that they weren’t so cool with the idea.
“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.”
Included in “biggest U.S. Banks” just happened to be BofA.
Turns out Bank of America had their fingers crossed all along because 1) There must have been talk about Cali’s so called “good word” over the grill; and 2) Ken Lewis was completely serious about getting the interest paid back in bourbon.
Big Banks Don’t Want California’s IOUs [WSJ]

california.gifLast week we told you about Bank of America doing California a solid by taking the busted state’s IOU’s. Well, the banks had the holiday weekend to think about it and after some barbecue, beers, and shooting roman candles at Ken Lewis, they pretty much decided that they weren’t so cool with the idea.
“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.”
Included in “biggest U.S. Banks” just happened to be BofA.
Turns out Bank of America had their fingers crossed all along because 1) There must have been talk about Cali’s so called “good word” over the grill; and 2) Ken Lewis was completely serious about getting the interest paid back in bourbon.
Big Banks Don’t Want California’s IOUs [WSJ]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Springing Forward to the End of Busy Season | 03.09.15

In case you haven't noticed, we've been combing Twitter the last few weeks to find the best (or is that the worst?) of busy season problems. From nightmares about spreadsheets to a completely jacked up circadian rhythm, things are getting rough out there. Of course, no more rough than previous busy seasons. In years gone […]