How the White House Wooed Wall Street During the Debt Debate

White House officials including Mr. Daley and senior adviser Valerie Jarrett placed calls to banks, according to people, the Wall Street Journal reports. Mr. Daley called a former colleague at J.P. Morgan, head of government relations Peter Scher, and tried to reach Bank of New York Mellon Corp. CEO Robert Kelly, people familiar with the matter said. The message from administration officials: contact key senators and congressman in both parties to tell them that an agreement was crucial for business confidence and the economy…Separately, Treasury Secretary Timothy Geithner and J.P. Morgan CEO James Dimon talked twice in the last week about the debt-ceiling deliberations, said people familiar with the conversations. Mr. Dimon called Mr. Geithner last week and the two discussed how the markets were reacting and whether a government default would upend U.S. payment systems. On Monday Mr. Geithner called Mr. Dimon to brief him on the final deal, one of these people said.

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