Word: pimco
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...managers to purchase and trade this paper. There has only been speculation about the outcome, and that has been over a broad range. Prominent economists, led by James Galbraith and Paul Krugman, have said that the plan may actually do more harm than good. In the Treasury's corner, Pimco, the largest fixed income management firm in the U.S., endorsed the Administration's plan. "This is perhaps the first win/win/win policy to be put on the table and it should be welcomed enthusiastically," Bill Gross, PIMCO's co-chief investment officer, told Reuters. The market moved up 7% mostly...
...massive new FDIC program to get the banks to sell troubled mortgages. For all the focus on complex securities based on bad loans, the bad loans themselves pose the greatest threat to banks' balance sheets, according to the Treasury department. Bill Gross, chief investment officer of the massive PIMCO bond firm who has been in conference with the government about participating in the plan, estimates the loans pose up to a $1 trillion problem for the banks, and the new program taps FDIC funds to get investors to buy those loans from the banks. Gross told CNBC today that...
...well-known market analyst suggests that putting money into the stock markets in China and Brazil will pay off better than keeping capital in U.S. equities. According to Reuters, Mohamed El-Erian, chief executive at Pimco, the world's biggest bond fund manager, said about China and Brazil, "The case for optimism comes from the fact that these countries entered today's global crisis with better initial conditions." (See pictures of the global financial crisis...
...theory is that when the Asian nation's economy was at its most robust, in 2007 and early 2008, the same index of China's stock fell from a level of 6,000 to 1,700 where it bottomed five months ago. This must be what the head of Pimco meant when he said that investing in Chinese stocks is the best game in town...
...what some economists call the paradox of thrift. The notion is generally credited to Englishman John Maynard Keynes--seemingly the source of every important economic idea these days--although he doesn't appear to have actually used the phrase. Paul McCulley, an economist and portfolio manager at bond giant Pimco, defines it like this: "If we all individually cut our spending in an attempt to increase individual savings, then our collective savings will paradoxically fall because one person's spending is another's income--the fountain from which savings flow." (See the top 10 financial collapses...