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Morgan Stanley CEO: Shutdown is not the way the U.S. should be working

Staff Writer |
Morgan Stanley chief executive officer James Gorman said it would be extremely negative for the initial public offering market if the United States government shutdown goes on much longer.

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“This is not the way the U.S. should be working,” Gorman said, speaking in a CNBC interview at Davos, adding, “I truly hope the leadership of both sides come to some way resolving what seems to be a relatively straightforward problem.”

The shutdown has left 800,000 federal workers furloughed or working without pay, affected market sentiment and impacted companies seeking to list themselves in the U.S.

Gorman said the shutdown not only impacts the IPO market, but also the momentum in the economy.

When asked what the solution to the “straightforward problem” was, Gorman said, “I’d recognize we have a wall - it’s 500 miles long and it has been sponsored by both Democrats and Republicans for a very long time. If there were some sensible additions to be made to that wall to improve border security, let’s make them.”

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