"Were changing Putnam Investments. For the investors. For the employees. For the better," the headline of the open letter to investors reads. The company also promises it "will lead the mutual fund industry in reform."
- "The hard work and dedication of more than 5,300 people have been called into question because of the unfortunate acts of a small number of individuals," the letter reads. "We will do whatever is necessary to make sure Putnams integrity is never again compromised."
The ad is signed by the firms new chairman, vice chairman and president and CEO.
Louis Harvey, president of mutual fund consultancy
No matter to the cynics, though. Already, the tabloids are having a field day. Todays New York Post has a story parodying what Putnams ads should really say. "Nobody times the market like we do," is one choice tagline.
More significantly, media giant
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The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.
