[jude24]

BoA was bat crazy stupid to accept those IOU’s at face value to begin with! Maybe at 70-80% of face value would of been a calculated risk worth taking.

Not necessarily - once one bank starts accepting them, the rest really need to follow suit. Otherwise, depositors will flock en masse from, say, BOA to Wells Fargo.

The customer service payoff might justify any incidental losses from honoring the CA IOUs.

[TexasFreeper2009]

since when are potential BILLIONS in losses incidental?