Mr. Purdy Crawford

This final interview with prominent Canadian corporate lawyer and businessman Purdy Crawford focuses extensively on the 2007 asset-backed commercial paper (ABCP) crisis, which Crawford chaired the restructuring committee for from 2007-2009. Crawford provides detailed insights into how $32 billion in short-term commercial paper became frozen due to liquidity issues stemming from the U.S. subprime mortgage crisis. He explains the complex negotiations involving major institutional investors including Quebec’s Caisse de dépôt, Public Service Pension Plan, and National Bank, and describes the successful restructuring that protected smaller investors while converting the paper to longer-term instruments matching the underlying assets.

The interview also covers Crawford’s extensive corporate directorship portfolio, including his roles on boards of Canadian National Railway during its privatization, Foot Locker, Petro Canada, Maple Leaf Foods, and numerous other public companies. Crawford discusses the evolution of director compensation, retirement age limits, and governance practices. He concludes by reflecting on his various honors including becoming a Companion of the Order of Canada and receiving honorary doctorates from several universities, while offering his perspective on the legal profession as both a business and professional calling.

This description was written by AI and may contain some inaccuracies.