Dimon, Moynihan and others warn about default consequences

07/29/2011 | Reuters

JPMorgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan and other heads of major financial institutions are pressuring Congress and the White House to agree on raising the debt ceiling and reducing the budget deficit. They wrote in a letter that the consequences of failing to act "would be very grave." "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," the letter said.

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