The former chairman and CEO of Merrill Lynch David Komanksy told an audience in Westport, Connecticut that that recession is not yet over.<\/p>\n
“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.<\/p>\n
Komansky lives in Westport. He serves on the board of BlackRock, the asset management firm that is 34% owned by Bank of America.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
Here’s the video, courtesy of Westport Now<\/a>.<\/p>\n \n