Holy crap! Wall Street is no longer watching from the sidelines as the most polarizing political fight in years plays out on Capitol Hill, The NY Times reports.
On Friday, Jamie Dimon, JPMorgan Chase’s CEO, raised concerns with Treasury Secretary Timothy F. Geithner about the standoff over the debt ceiling and its potential to disrupt the system through which JP Morgan and other big banks disburse federal payments. Mr. Geithner assured him that the Treasury and Federal Reserve had taken steps to keep the payment system functioning smoothly, according to individuals briefed on the call.
In addition, more than a dozen chief execs from the nation’s biggest financial services firms wrote a joint letter to President Obama and members of Congress on Thursday warning of “very grave” consequences for the economy and the job market if an agreement wasn’t reached. It’s not just chief executives who are now doing the talking, either….Bankers have deluged Congressional staff members with research reports outlining the bleak consequences of a default, or even a downgrade of United States government debt by the major rating agencies….
Read more at http://www.nytimes.com/2011/07/31/business/wall-street-mobilizes-to-raise-debt-ceiling.html?_r=1
No comments:
Post a Comment