Thousands of vendors who do billions of
dollars of business with the state of California are scrambling as
major banks say they will no longer honor the state's IOUs.
Despite pressure from the state treasurer, JPMorgan Chase & Co., Bank of America Corp.,
and Wells Fargo & Co. and other major banks planned to stick to
their plans and not honor California's warrants after Friday. State
Treasurer Bill Lockyer announced Citigroup Inc. agreed to a one-week extension through July 17.
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