The Dartmouth Mafia

It seems that Dartmouth is in the news again.

On the short list of candidates to run Freddie Mac is Ed Haldeman `70, former CEO of Putnam investments and Chairman of Dartmouth’s Trustee Board.
He was asked to run Putnam in the wake of the mutual fund scandal of 2003, where fund traders essentially stole money from fund shareholders. Apparently, those managers missed their lessons on ethics and fiduciary duty.

By all accounts, Mr. Haldeman a serviceable job there, adopting some ethical reforms. But he couldn’t turn around the rolling performance disaster at Putnam’s two biggest funds, which are ranked in the bottom 5% of their peer groups. Hey, somebody has to be at the bottom.

Mr. Haldeman certainly means well, and he kept his Boston firm from imploding in the wake of an ethical PR disaster. He joins fellow Dartmouth alumni in Washington Treasury Secretary Tim Geithner ’83 and Senator Kirsten Gillibrand `88. Let’s hope Haldeman can turn Freddie around as well.

Douglas R. Tengdin, CFA
Chief Investment Officer
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