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February 20, 2008
It's Pimco's Credit Market. We Just Trade In It.
Fascinating Bloomberg piece out about the $747-billion Pimco bond behemoth up in Newport Beach. The bond fund that Bill (Gross) built is monstrously big, so large that it accidentally smashes up other players, while allegedly hoarding attractive notes to itself and causing squeezes.
That is the allegation, anyway, made in a recent class action suit. It says that Pimco plays tricks and uses its bulk to bully other credit market players. Read the whole thing.
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Ha! The first time I saw a sign here in San Diego saying "North to Los Angeles" it set me back on my heels. "North to Los Angeles"? How can anything be south of Los Angeles?
"up in Newport Beach"....oh the lucky few that can say that. I'm jealous
Not if you live in Chula Vista
"up in Newport Beach"....oh the lucky few that can say that. I'm jealous.