The name of Disney’s California Adventure park seems to have taken on ironic overtones of late. The WSJ reports:
A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday … if California continues to issue the IOUs, creditors will be forced to hold on to them until they mature on Oct. 2, or find other banks to honor them. … The group of banks included Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and J.P. Morgan Chase & Co., among others.
(Hat tip to the fine blog CalculatedRisk)
C’mon guys! It’s not like you’d be putting up your own cash. BofA, Citi and Wells Fargo have received $65 billion in fed funds. (JPMorgan has already paid back it’s $25B. It was either that or cut its CEO’s pay.)
You know things are bad when the banks won’t use their free money to buy something.
Here’s a fund raising idea: Maybe California should hold the mother of all Michael Jackson memorials and charge admission?