Zelenskyy arrives at White House for meeting with Biden - CBS News

The Next Crisis:CEOs Plead With President,Congress

A group of CEOs met with President Barack Obama and Members of Congress Wednesday in an effort to educate them about what would happen if the nation defaults on its debt,a prospect that will be realised on October 17,if Congress doesn't raise the debt ceiling.Among those participating were Lloyd Blankfein of Goldman Sachs and Jamie Dimon of JP Morgan Chase.
They shouldn't use the US failing on its obligation to meet its debt as a cudgel,Mr.Blankfein said.There's no precedent for default.We really haven't seen this before,and I'm not anxious to be part of the process witnessing this.*
The CEOs had a grim feeling following their meeting with Republicans in Congress.Congress is completely out of touch with Wall Street and the general economy,according to Bloomberg TV contributor Dawn Kopecki.They have no idea how bad it would be if the nation defaults on its debt.Mortgage rates will start widening.You're not dealing with business school graduates down in Washington,D.C.,Ms.Kopecki said.
The debt ceiling issue is legislatively separate from the budget impasse that has shuttered the federal government for more than two days now.It is related,howvever,by the fact that some House Republicans intend to use it as a political tactic,just as they are using the government shutdown,regardless of the harm it causes.
The chaos partly reflects the internecine conflict going on within the Republican party between moderates and the far right;and,some say,the leadership style of a president who didn't negotiate enough early on.It's resulted in dysfunction on a grand scale.

Global Money Manager:What You Have To Do

There is considerable concern about the fate of the European banking system in these troubled times.It's about deposits,and you're worried about deposit flight,according to Peter Fisher,Global Head of Fixed Income at BlackRock.It's a bigger issue than whether Greece leaves the euro currency.You want a banking system that's stable for Europe.You don't have to have a fiscal union;but not having a banking union,that's a problem. In a high volume,low liquidity environment,you have to bring your risk level down.You've got to be much more judicious.In the U.S.,I think Congress will not want a recession this year,and will pass a marginal measure;but will have a rude awakening in October,when the market reacts to the fiscal cliff.As a return play,you look at high quality corporates and fixed income,Mr.Fisher advised. BlackRock has offices in 27 countries worldwide.From governments to pension plans,insurance companies and individuals,the money management firm serves its diverse clientele with risk management,strategic advisory and investment system services,building portfolios totaling approximately 10 trillion dollars. BlackRock Inc.(BLK)

Software Goes Green

German business software titan SAP is buying a Sterling,Virginia environmental concern.SAP is adding Clear Standards to its portfolio in order to assist customers with environmental impact information.Clear Standards specializes in measuring and reporting on greenhouse gas emissions,as well as other environmental impacts.It employs 25 people in Sterling and Delhi,India.The purchase price was kept confidential.The deal should close in June.A carbon cap and trade system may be imposed by the U.S. Congress,making the collection and dissemination of such data a corporate necessity.

Authorities Confront Crisis

Financial authorities in several countries have been taking steps to ease the financial crisis.On Monday,the Federal Resrve and European Central Bank,as well as eight other central banks,more than doubled reciprocal swap lines,which provide access to U.S. dollars,to 620 billion dollars from 290 billion dollars.The Reserve Bank of Australia pumped 1.95 billion dollars into the market.The events of Black September,a month of financial meltdowns, shook institutions' confidence in dealing with each other and,so far, credit remains tight in spite of their best efforts.Banks continue to hoard cash in the money markets.Many believe that the central banks will have to coordinate an interest rate cut to break the credit logjam.Jean-Claude Trichet,President of the ECB,and Australian Prime Minister Kevin Rudd have called on the U.S. Congress to pass the rescue plan for the common good.The U.S. Senate is to vote on the measure tonight.