Well, guess what. No one it seems wants to accept Terminator's IOU's!
The Wall Street Journal reported in yesterday's edition that a group of large banks had announced it would not accept IOUs issued by the state of California. The group includes the four horsemen of the financial crisis: Citigroup, Bank of America/Merrill/Countrywide, JPMorgan Chase/Bear Stearns/WaMu, and Wells Fargo/Wachovia.
California, were it a country, would be the 6th largest. Sad. But what happens now not only in California but in other deficit ridden states?