Bank CEOs Urge Obama To Avoid U.S. Default

Major U.S. bank CEOs met with President Barack Obama today, asking him to find a way to end the current political standoff before the nation’s debt ceiling is reached later this month, reports Jared Favole of The Wall Street Journal.

Bank CEOs meeting with Obama

"There's precedent for a government shutdown. There's no precedent for default," said Goldman Sachs Group Inc (NYSE:GS) CEO Lloyd Blankfein, after emerging from a meeting with President Obama. Blankfein was joined by Bank of America Corp (NYSE:BAC) CEO Brian Moynihan and other banking execs in the meeting, and they all...