While many were taken by surprise by this weekend’s double blow to the US financial markets delivered by Lehman and Merrill (triple blow if you count the problems insurer AIG is ), the economic tumult caused by the credit crisis didn’t happen totally without warning. More than a year ago, the subprime mortgage and enormous write-down were cropping up. According to Claire Koeneman, co-president of the Financial Relations Board, communicators on the IR side of things should be ready to talk about the impact that the financial crisis has on an individual company at this point.
“A good financial communications practitioner has been having this conversation for months,” she said. “People should’ve been prepared, talking about this situation a little bit more in advance.”