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Putnam Fired by Wal-Mart
Bloomberg ^ | 11/21/2003 | unknown

Posted on 11/21/2003 2:28:10 PM PST by groanup

Nov. 21 (Bloomberg) -- Putnam Investments, the Boston-based money manager that's suffered more than $9.2 billion in withdrawals by public pension funds this month, was fired by Wal- Mart Stores Inc. as manager of two funds in its 401(k) plans.

(Excerpt) Read more at quote.bloomberg.com ...


TOPICS: Business/Economy
KEYWORDS: mutualfunds; putnam; walmart
Here we go.
1 posted on 11/21/2003 2:28:10 PM PST by groanup
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To: groanup
Let me sum up the remainder of the thread:

"Wal Mart sucks!"
"No they don't, you stinkin' liberal commie symp!"
"Do too!"
"Do not!"

Repeat.

2 posted on 11/21/2003 2:37:54 PM PST by TrappedInLiberalHell (Ban Aural Sects! Stop listening to Scientology books on tape!)
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To: TrappedInLiberalHell
Putnam needs to know how to spell F I D U C I A R Y.
3 posted on 11/21/2003 2:52:15 PM PST by Eric in the Ozarks
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To: TrappedInLiberalHell
LOL! Saved me a lot of reading!
4 posted on 11/21/2003 2:53:06 PM PST by Larry Lucido
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To: TrappedInLiberalHell; groanup; hchutch
Wal-Mart Whiners and Bashers:

"This is an example of how unreasonable Wal-Mart is to its contractors, expecting them to obey SEC trading regulations."

5 posted on 11/21/2003 2:55:36 PM PST by Poohbah ("Beware the fury of a patient man" -- John Dryden)
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To: Eric in the Ozarks
"Putnam needs to know how to spell F I D U C I A R Y."

Putnam (and the rest of them) had better learn how to spell E T F.

6 posted on 11/21/2003 2:57:57 PM PST by groanup (Whom the market gods humble they first make proud.)
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To: groanup
I have all I have in Strong. I'm watching verrrry carefully.
7 posted on 11/21/2003 3:03:24 PM PST by Eric in the Ozarks
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To: Poohbah
Hey, I don't have a dog in this fight, I was just making a joke. I once dared to say how I don't enjoy the experience of shopping at a Wal Mart, and a normally nice, reasonable poster jumped all over me. Can't win, sometimes.
8 posted on 11/21/2003 3:06:08 PM PST by TrappedInLiberalHell (Ban Aural Sects! Stop listening to Scientology books on tape!)
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To: TrappedInLiberalHell
Hey, I was making a joke too...didn't know you disliked Wal-Mart.

I have actually heard financial-services types say that expecting traders to obey the law is unreasonable.
9 posted on 11/21/2003 3:15:08 PM PST by Poohbah ("Beware the fury of a patient man" -- John Dryden)
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To: TrappedInLiberalHell
I once left a firm for another and had a Putnam managed 401k. For months they gave me the run-around re: roll-over to another account. Finally filed a complaint in small business court for a date before the judge against Putman's CEO, by name too. Sent a copy of the complaint to him.

Check came FedEx the next day.

10 posted on 11/21/2003 3:17:26 PM PST by Swanks
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To: Poohbah
Hey, I was making a joke too...didn't know you disliked Wal-Mart.

I was talking strictly about the shopping experience. I understand WHY it is the way it is -- narrow aisles, lots of people, it just doesn't appeal to me personally. I find Target to be a less stressful experience (and I realize that they're a different segment of the market). My point was that I wasn't commenting at all about whether Wal Mart was a bad/unethical/monopolistic business, and I STILL got slammed, as though it were my duty to like Wal Mart on principle alone, even if I didn't appreciate their physical implementation. For some reason Wal Mart causes even conservatives to choose sides and insult each other.

11 posted on 11/21/2003 3:23:05 PM PST by TrappedInLiberalHell (Ban Aural Sects! Stop listening to Scientology books on tape!)
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To: groanup
The article doesn't state how much money Walmart has in the Putnam accounts. Since they're a public company, is this information available?

Also the article didn't state that they were pulling out their money, just eliminating Putnam as a choice for future employees. Course doing that is the next step.
12 posted on 11/21/2003 3:48:34 PM PST by lelio
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To: groanup
Putnam is a subsidiary of Marsh & McLennan Companies, tenant on floors 97 - 100 in the North Tower of the World Trade Center. Two hundred and ninety-five Marsh employees were killed on 9/11.

Two years later, Putnam drops over 9 billion.

Not a good start to the new millenium for the venerable insurance brokerage firm.

13 posted on 11/21/2003 3:53:11 PM PST by beckett
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To: groanup
I got involved with Putnam in a minor way back about 20 years ago, and I concluded that they were crooked back then.
14 posted on 11/21/2003 4:01:23 PM PST by Cicero (Marcus Tullius)
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To: groanup
No big deal, Walmart probably only has one or two employees with 401k's.
15 posted on 11/21/2003 4:12:58 PM PST by flying Elvis
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To: lelio
The article doesn't state how much money Walmart has in the Putnam accounts

Noticed that too. Brings forth too conclusions:

1. they don't know, or

2. the number would rock Putnam into bankruptcy if it was known.

16 posted on 11/21/2003 4:23:51 PM PST by imawit
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To: imawit
or, its only one or two employees.
17 posted on 11/21/2003 7:51:41 PM PST by Eric in the Ozarks
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To: beckett
Sometimes we need to remember those who died in those towers. Probably some of their best people were at the top literally. Very sad.
18 posted on 11/21/2003 7:54:58 PM PST by The Westerner
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To: lelio
"The article doesn't state how much money Walmart has in the Putnam accounts"

Dont't you understand? Sheesh!

19 posted on 11/21/2003 7:59:21 PM PST by groanup (Whom the market gods humble they first make proud.)
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To: The Westerner
Sometimes we need to remember those who died in those towers. Probably some of their best people were at the top literally. Very sad.

I know for a fact that they did lose many of their very best people, many of them high ranking officers in the firm.

20 posted on 11/21/2003 8:00:57 PM PST by beckett
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To: flying Elvis
No big deal, Walmart probably only has one or two employees with 401k's

What is this? Bait?

Wal Mart contributes to ALL full time employees accounts every year - whether the employee contributes or not.

21 posted on 11/21/2003 8:03:41 PM PST by Holly_P
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To: Graybeard58
Ping
22 posted on 11/21/2003 8:06:41 PM PST by Holly_P
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