Financial Consequences That Will “Dwarf Lehman Brothers”

Failure by the U.S. to get its fiscal house in order will trigger financial consequences that will “dwarf Lehman Brothers” and seriously diminish the nation’s role as a world economic leader, Jamie Dimon told a Denver audience Thursday night.

The CEO and chairman of JPMorgan Chase, whom The New York Times dubbed “the nation’s least hated Wall Street banker,” said political talk about not raising the U.S. debt ceiling could trigger a default on the nation’s financial obligations. He said that would constitute a “moral disaster” that will be nearly impossible for the U.S. to recover from.

JP Morgan’s Dimon Warns U.S. Government