Dayton
Business Journal...
Big bank CEOs ask
Congress to fix debt crisis
by Adam O’Daniel
Thursday, July 28, 2011
Bank of America CEO Brian Moynihan and Wells Fargo CEO John Stumpf
joined fellow CEOs of the nation’s biggest banks to send a letter to
Congress asking for lawmakers to strike a deal to avoid default on U.S.
debt.
The letter is signed by 14 financial services CEOs who are members of
the Financial Services Forum, a lobbying group comprised of leading
bank CEOs. CEOs at Goldman Sachs , Citigroup Inc. , JPMorgan Chase
& Co. , Morgan Stanley and others also signed the request.
Wells Fargo (NYSE: WFC), which has three securities branches, three
mortgage offices, a loan processing center and four companies in its
financial network in the Dayton region; merged in 2009 with Wachovia,
long a major employer and banking giant in the region. Bank of America
(NYSE: BAC) has several home loan office branches in the Dayton region.
The group pleads with Congress to act this week on a deal that will
stave off default and a downgrade of U.S. debt, saying the alternative
would bring about “grave” consequences. They write:
Our economic recovery remains very fragile. 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.
Given this very real risk, policymakers must correct our fiscal course
now, inspire market confidence by paying all of our bills on time, and
demonstrate that America is a democracy capable of putting differences
aside to solve our most challenging problems.
Read it with links at the Dayton Business Journal
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