20 Biggest Banks Called To New York Fed To Discuss Debt Crisis

Execs from the biggest Wall Street banks have been called to the New York Fed to talk with Treasury Department officials about what will happen if the debt ceiling isn't raised by August 2nd, the AP reported.

Banks have been desperate for any information from the Treasury and the Fed about contingency plans if the U.S defaults or has its debt downgraded from AAA, but neither institution has been willing to engage with Wall Street firms.
"The Treasury late Thursday invited 20 of the largest banks to a meeting to discuss an upcoming quarterly auction of government debt," the AP reported. The meeting will happen at midday.

Representatives from the bond-trading groups at JP Morgan, Citi, Goldman, and Barclays will be there

Read more: http://www.businessinsider.com/wall-street-banks-called-to-new-york-fed-for-meeting-on-debt-crisis-2011-7#ixzz1TVp3RcAf