The former chairman and CEO of Merrill Lynch David Komanksy told an audience in Westport, Connecticut that that recession is not yet over.
“It’s very hard to assume that the trials and tribulations that the global economy have gone through are over now,” Komansky told the Men’s Club at Temple Israel in Westport.
Komansky lives in Westport. He serves on the board of BlackRock, the asset management firm that is 34% owned by Bank of America.
“I think much of it is behind us, but I think they’re still problems that are ahead of us that we are working our way through,” Komansky said.
“The economy is hardly standing on its own two feet right now. It’s being propped up–and I think properly being propped up—by the many, many different government efforts, and I don’t think you can really say the recession has ended until you see the economy function without the government aid and support that’s going on right now,” he explained.
Here’s the video, courtesy of Westport Now.