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FBN's Charlie Gasparino says CEOs Jamie Dimon, Lloyd Blankfein, Bob Greifeld and Duncan Neiderauer join the committee to fix the debt.
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So what has Wall Street so worried that its top executives well and to put -- competition petty rivalries and seek common ground -- not just a second Obama term.
But the so called and it's.
-- -- -- has the latest in Wall Street is joint effort to deal with what some say is a looming financial Armageddon.
It this is a do you know why is it's pretty unprecedented that Wall Street does come together -- with a lot -- Deschanel Dick Grasso he's running the stock exchange.
Was big on getting sort of coalitions to addressed certain issues Dan -- When he ran Merrill Lynch same -- -- commission to reform brokerage practices but we got -- something very interest in Erskine Bowles Simpson Bowles.
That plan is no longer being that hasn't wasn't it was sort of brushed aside but it -- since -- he's been put the other committee called committee to fix the debt.
And he's been lobbying Washington essentially congress people to do something about the fiscal cliff which is -- -- that's when.
If they don't do so about the debt guess what happens automatic tax increases and massive budget cuts people think it's going to be really bad for the economy so he -- address that.
He's been gold to -- and pushing them at the same time.
There are people going to Wall Street and -- business community try to put together a coalition.
A business leaders.
It to basically lobby for something -- something to be done about the fiscal cliff -- they got on this list.
By -- analysts say it's pretty interest if you look at it all the Wall Street guys who generally are at each of the -- when it comes at a business.
Are together on this there they are Jamie Dimon Brian morning and Lloyd Blankfein.
Larry thinks on this Thom -- leases on this -- to also which is seen.
You have Duncan Niederauer and Bob Greifeld as you're.
The New York Stock Exchange and NASDAQ not exactly best friends.
Bill lack means there it's -- -- vision Bryant when and -- goes down down that Terry Lundgren Macy's I'd like to close there but anyway.
It's an interesting group.
Fight from what I understand they are sort of approaching business -- is insane can you please give us a million dollars to fund this effort.
I don't -- -- quite a million dollars from everybody before what I understand they had a goal to raise a hundred there about thirty there about thirty million dollars there as of now.
But as a continued effort and here's what I think they're trying to do.
What they're worried about is in a lame duck session particularly president -- gets elected I think that's where they're really worried about pres Obama gets elected house Republicans.
Are you know -- it's it's pretty poisonous between two sides.
That in this lame duck session nothing gets done to deal with those automatic cuts and tax increases -- AKA.
The fiscal cliff or something really much marginal gets done and doesn't deal with the sort of real for real problem out there -- Looming deficits and young -- and the need for entitlement reform.
They're worried about that and that's -- -- put together this group would Jamie diamond which appointment Jamie Dimon speaking today wanting we -- He mentioned something about a war room -- -- more than won't -- with.
All these guys getting together with this committee to fix a debt with Erskine Bowles.
And I'll tell you one reason I think why bulls took his name out of the running to be Treasury Secretary in a second Obama term.
It's because he's such a bipartisan -- -- -- this is a bipartisan group I mean this is pretty much corporate America.
The -- that runs Honeywell could take it was a trip as first -- -- -- -- right now but anyway.
Good guy you know he's played a major role as he's been approaching a lot of these guys this is very bipartisan and here's -- is right behind it I think.
What what they're looking for in terms of a solution to the fiscal cliff -- and the solution for for issues going forward.
He's a framework that's along the lines of Simpson Bowles.
You know marginal tax and taxes come down but you plug a lot of deficits can you deal with entitlements in one way -- any of the other that's the framework now how exactly that gets done.
Depends on the makeup of congress.
I think if Republicans control congress -- the -- and you know let's just say it's a trifecta it's possible not -- likely.
Romney Republican House and senate Dick Morris I was at -- event -- think he thinks it's very possible.
You know I think with what happens then.
Is that it's less defense spending cuts and and there's more broader entitlement reform in terms so scared -- economic their -- recipe for sort of what should be -- with the budget at its government basically what it's.
You -- they will have a framework I think what they have to do what they know what polls knows -- and this is from what he's telling people away from what I understand.
Is that it must sort of comport to the way congress looks and the present in that is -- -- question -- -- right now.
We don't know if the house is the -- -- that Republican probably.
But the senate you know but it didn't feel -- -- Dick -- -- could go -- could be very close.
Or -- -- public school when it I mean a lot of people who are -- people all over inflation projections -- -- -- -- presidential race is not over yeah that's right it's it's been tightening up.
So that this is a huge question mark what's not a question mark is the need for fiscal reform act according these guys out there.
Quite as at the last ten years Wall Street has not really come together in -- in -- visually do something.
I you know 9/11 was kind of one of the last times I remember in the may have been enough the time -- -- me.
This is kind of one of the times to do it it it's kind of interest and I've never seen so many people on the list shows a point out it's not just Wall Street this is if you look.
At the broader list its corporate America he -- Terry -- on the so others Honeywell do general -- money well it's -- Influential bunch obviously congress is -- in dis functional on issues of debt and deficits.
Because of the nature of the stature of these people what's your take on how effective -- I think you could be very effective I think the government stimulus with some companies first name and we it was on the screen.
Look at what I find it -- but I think he's a very influential guy he's a bipartisan player I think he's nominally Democrat but -- if.
Did you do Gmail every -- -- okay I think I had this big you know old age ten I guess I would thank you provided the I think he's -- he's a guy that.
He is well respected on both sides the -- Jamie Dimon is well respective of -- I says -- now.
I think you know -- if you have players like that even with the London oil -- having Jamie Dimon will come out of this.
Okay and I think you still some influencing congress as a guy who runs you know the -- debate he's still the best managed bank and I think if you look at some of the other names in the list.
You know listen there because campaign contributors to cut -- -- They may want to put their money where their mouth is for change instead of just look at for you know purposes and you know full well not -- Gasparino thanks so much --
