Thursday, March 12, 2009

Putnam CEO Sheds Light on Financial Crisis

Earlier today, Putnam Investments CEO Robert Reynolds addressed the Chamber’s Financial Services Forum. Reynolds called for officials to do even more to combat this financial crisis, partly by proposing a suspension of mark-to-market accounting rules to improve the credit system. Reynolds also called on the banking industry to increase lending and find ways to slow foreclosure rates. He warned against keeping “zombie companies” alive with federal life support, and suggested that government aid should not be given unless companies have a well-developed recovery strategy in place. If companies fail to use taxpayer money efficiently, Reynolds recommends that the government let these companies fail. Lastly, he urged the Obama Administration to focus more heavily on the economy and act more aggressively to solve its problems.

To view images from today’s event, click here.

This event was covered by the Boston Globe, Boston Herald, and Investment News.

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