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’Bill Gross to the rescue?
Bill Gross is to the Hanke Panke as a gold-digger is to a hedge fund manager (well, used to be).
Regardless, the Pimco head is volunteering to manage part of Paulson and Bernanke’s proposed $700bn bailout – for free.
Pimco, Legg Mason, suffer big losses
Bill Gross, the world’s most influential bond manager, suffered his worst day in three years as his flagship bond fund dropped almost 1.40% on Tuesday on exposure to insurance giant AIG, reports Reuters.
The Bill Gross effect
Bill Gross’s Pimco seems to be at the heart of nearly every financial crisis nowadays. That’s because he’s manager of the world’s biggest bonds fund you say? Probably.
News today that Gross has guaranteed $760m of debt issued by AIG – you know,
Fun with Bloomberg functions: Lehman bonds edition
Pimco’s Bill Gross may have been lucky ($1.7bn lucky) when it comes to Fannie and Freddie. Will he be so lucky with his Lehman bonds?
CreditSights is saying holders of senior unsecured debt may get 60 – 80 cents to the dollar.
Bail-out hands Pimco $1.7bn gain
The Pimco Total Return fund, managed by Bill Gross, reaped a $1.7bn gain following the US government takeover of home loan giants Fannie Mae and Freddie Mac. While shareholders in Fannie and Freddie suffered deep losses,
Fannie & Freddie: A tale of two Bills
So Bill Gross’s Pimco has got what he wanted – a bailout of Fannie/Freddie, all in the name of saving the world from financial meltdown.
Pimco is of course, loaded to the gills with GSE mortgage-backed securities and has been screaming for Treasury intervention,
In praise of… Pimco
Back from managing the Harvard Endowment, Mohamed El-Erian is to be the new CEO of bond giant Pimco.
Stepping out: Bill Thompson, to retire at the end of the year. All announced in a press release from Pimco yesterday.
Pimco’s chief piles into mortgage debt
Bill Gross, the manager of the world’s biggest bond fund, has switched gears to make a big bet on mortgage debt, almost tripling his holding to more than 60% of the fund. Gross’s $130bn Pimco Total Return fund pulled sharply ahead of rivals in the past year after the manager predicted a housing downturn and sold out of housing-related securities and corporate bonds.
Desperate times: central banks as buyers of last resort
How close are we to the point where central banks will start to buy impaired securities outright?
In thinking, at least, not far. Professors Willem Buiter and Anne Sibert were talking about central banks making “outright purchases”
Super Friday for monolines? Moody’s cuts rating on XLCA
SCA’s bond insurance business, XL Capital Assurance, lost its crucial AAA rating on Thursday evening. But Moody’s didn’t just cut XLCA, the fourth largest bond insurer, from AAA to AA. It downgraded it by six notches.
Greenspan and Soros are cheerful chaps…
Those who roam the world issuing gloomy proclamations are at it again. It’s a double-barrelled, big-name assault – on the US economy.
First up is Big Al. He’s in Tokyo – in pixel form at least, speaking at a conference via video link on Monday.
What drove El-Erian’s return to Pimco?
When Mohamed El-Erian announced this month that he was leaving as manager of Harvard’s endowment fund to return to Pimco, his former employer, he stunned Wall Street and the money management world. In Thursday’s FT,
El-Erian quits Harvard to return to Pimco
Mohamed El-Erian, the institutional investor who manages Harvard University’s $35bn endowment, is returning to his former company, Pimco, in the newly-created position of co-CEO and co-chief investment officer.
More Gross: On ‘Waldo finance’
While he’s waiting for action from the White House on the US housing crisis, Pimco boss Bill Gross has turned his attention to another ‘Dubya’ – the wizards of financial complexity, or rather the alarming game of Where’s Waldo they have unleashed across the world’s markets.
Gross: ‘Time for the Reconstruction Mortgage Corporation’
That’s right. Bill Gross, manager of the world’s largest bond fund, the Pimco Total Return Fund, is calling for a Rooseveltian response to the US housing crisis.
In his September letter to clients he notes that with forecasts currently project over two million mortgage defaults in the US,
‘Make-up, six-inch hooker heels and a tramp stamp’: Gross on subprime
“Whew, that was a close one,” exclaims Pimco’s Bill Gross, in his July investment outlook. The one in question is, of course, poor old Bear Stearns and its subprime woes.
Shame on you Mr. Stearns, or whoever you were,
Bill Gross: ‘Elvis’ Bernanke’s big dilemma
Implausible as it may seem, there has been an Elvis sighting recently, with the King masquerading as Fed chairman Ben Bernanke, resplendent in crooner’s cape and blue suede shoes, writes Bill Gross, founder and chief investment officer at Pimco, in Wednesday’s FT.
Gross’ stamps going for a song
Philatelic investment is the technical term – putting your money into rare, collectible postage stamps with a view to realising a profit. Considered a separate and more heavy-weight business than philately,