Wednesday, April 20, 2011

Jamie Dimon: Raise The Debt Ceiling Or We're Screwed

Silver-naked-shortie JP Morgan wants the debt ceiling raised asap.

"Now, here's what really would happen. Every single company with treasuries, every insurance fund, every -- every requirement that -- it will start snowballing. Automatic, you don't pay your debt, there will be default by ratings agencies. All short-term financing will disappear. I would have hundreds of work streams working around the world protecting our company for that kind of event." --Jamie Dimon

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