Bank of America and other big institutions plan to enforce a cutoff, making it harder to cash vouchers. To protect IOU holders from third-party speculators, the SEC defines the vouchers as securities. 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.
Comment on California IOUs to be shunned by big banks after today
Los Angeles Times - Top News, Los Angeles Times
Fri, 07/10/2009 - 12:00am
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