Bowles Says He Kept Morgan Stanley Job, U.S. Debt Plan Separate
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Erskine Bowles, co-chairman of President Barack Obama’s debt-reduction commission, said his job as a Morgan Stanley director didn’t influence his work on the panel’s recommendations for balancing U.S. spending, which said taxes are sapping the competitiveness of companies.
He and the commission’s co-chief, Alan Simpson, told an audience of bankers, investors and executives at an Economic Club of New York lunch meeting March 7 that the country may face a crisis if it doesn’t rein in the debt. Bowles, 65, has been a member of the bank’s board since the end of 2005.