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Tuesday, October 14, 2003

Fido Execs Met With Snow

by: Sean Hanna, Editor in Chief

Treasury Secretary John Snow met with fund executives last Wednesday to trumpet the Bush Administration's economic achievements. Snow told Boston papers that he did not discuss the mutual fund scandals or the fallout from them during his private meeting with fund industry executives,

Snow said he talked about tax issues, the economy and the Bush's economic strategy.

The meetings included a morning get together with top Fidelity Investments managers and a second meeting with executives from Boston area the financial services industry and Raytheon executives.

Stokley Towles, a partner at Brown Brothers Harriman & Co., told the Boston Herald that Snow provided an upbeat view of the nation's economic growth outlook. "He really felt . . . the administration has done everything possible to stimulate (the economy)," the paper quotes Towles as saying.

David Weinstein, an executive vice president at Fidelity, told the Herald that those in the meeting "spent a fair amount of time talking about ways that President Bush's cut in the capital gains and dividend tax rates have actually encouraged investors to save more."  

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