BEVERLY HILLS, May 1 (Reuters) - Citigroup chief
executive officer Jane Fraser said on Monday that debate about
the debt ceiling in the United States had serious consequences
even as the investing world breathes a sigh of relief that an
ailing bank was rescued by a bigger competitor the same day.
The debt ceiling turmoil is "more worrying" than previous
events, Fraser said at the Milken Institute Global Conference.
She said however that Wall Street executives are not picking
up the phone to call Washington to tell politicians how to
behave in solving the issue, after Congress last week narrowly
passed a bill to raise the U.S. debt ceiling.
Executives were speaking about topics ranging from the
rescue of First Republic Bank by JP Morgan Chase to how quickly
the Federal Reserve may still have to raise interest rates at a
time when the U.S. economy is showing signs of being more
resilient.
Facing uncertainty, Fraser stopped short of saying there is
a world financial crisis but she said the stress will be there
and will be targeted in certain sectors. She also said that she
expected a lot of people to make a lot of money.
(Reporting by Svea Herbst-Bayliss and Carolina Mandl; Editing
by Hugh Lawson)
Messaging: svea.herbst.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.