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Bank CEOs: Raise Debt Ceiling This Week — Or Else!

07/28/2011 4:35 pm 0 comments

Source: CNN Money

NEW YORK (CNNMoney) — The CEOs of the nation’s leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement.

In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be “grave” consequences.

“A default on our nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence — raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets — and, therefore, dramatically worsening our nation’s already difficult economic circumstances,” the letter stated.

CEOs who signed the letter include Brian Moynihan of Bank of America (BAC, Fortune 500), Vikram Pandit of Citi (C, Fortune 500), James Dimon of JPMorgan Chase (JPM, Fortune 500) and Lloyd Blankfein of Goldman Sachs (GS, Fortune 500).
Debt ceiling: The trillion dollar mystery

CEOs of Allstate Insurance, BNY Mellon, Metlife, Morgan Stanley (MS, Fortune 500), Prudential, State Street Corp., US Bancorp and Wells Fargo (WFC, Fortune 500) also signed the letter.

To read this article in its entirety visit CNN Money.

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