Tuesday, February 24, 2009

Bill Gross Pushes Book, Makes Fun Of US Blondes, Ridicules Roubini and Trims Moustache

Bill Gross' March investment letter/PIMCO monthly demand for taxpayer money is out. Nothing new here: the US government should avoid nationalization, but no viable alternative provided. Some harsh language on Roubini, Dodd, Greenspan and Orange County blondes. And as always, demands for more taxpayer funds to keep coming as otherwise PIMCO may be impaired as a creditor in most bank holdings.

I think Roubini, Dodd and Greenspan haven't thought this one through. The U.S. isn't Sweden, and not just because our blondes aren't au naturel [Billy must have a lot of carpet curtain matching experience with the Desperate Housewives of OC]. Their successful approach revolved around a handful of banks but we have 7,500 as well as many S&Ls and credit unions, which would have to be flushed into government hands. Regulators are overwhelmed as it is and if you thought Lehman Brothers was a mistake, just standby and see what nationalizing Citi or BofA would do. Our banks remain at the heart of the domestic/global financial transactions and daily clearing, while those Scandinavian banks were not. PIMCO would not dispute the need to further capitalize systematically important banks via convertible bonds held by the government, which unfortunately dilute shareholders' interests. To go further, however, and "haircut" senior debt or even existing preferred stock similar to that issued via the TARP would create an instability policymakers should not want to risk. In turn, forcing creditors [ed. i.e. PIMCO] to take haircuts would undermine other financial sectors such as insurance companies and credit unions. The goal of future policy should be to recapitalize lending institutions while maintaining the basic infrastructure of credit markets [ed. or else PIMCO will fail]. Outright nationalization and haircutting of creditors will do just the opposite.


Gross March - Free Legal Forms Sphere: Related Content
Print this post

10 comments:

Anonymous said...

zero hedge. systematically takes down anything constructive. is shamefully conflicted in its posts. needs to lighten up.

Tyler Durden said...

you hit me in the ear

Anonymous said...

guess I f***** it up...

TraderMark said...

I found honesty in your post.

Basically Gross says do not do anything to haircut our holdings. It's wrong. And inhumane. Only do things that help PIMCO (I mean the country)

Anonymous said...

bill gross is a rent seeking asshole.

ps - first anon gfy.

ThrustVectoring said...

>TraderMark

And Gross says at the end that PIMCO will continue to try to frontrun the fed.

Anonymous said...

I love how Gross is still a respected investor.

No one has the balls to call him and other morons on the carpet.......

Anonymous said...

Anonymous at February 24, 2009 2:37PM is actually Bill Gross. Dude we got your back, no prob. We bought your junk mortgages, we're going to buy your corporate debt that's going to implode soon. We cook your meals, we haul your trash, we connect your calls, we drive your ambulances. We guard you while you sleep. But you know what? Soon, when you look down from your PIMCO office, you'll see tiny figures pounding corn, laying strips of venison on the empty car pool lane of some abandoned superhighway. And we think you really haven't thought this one through, haven't ya?

Anonymous said...

Wow. Stay classy on that blond thing. Betcha BG waxes.

Jim T said...

I have always maintained that Bill Gross (PIMCO)and Jamie Dimon (JP Morgan) are the two biggest henchmen behind this disaster! And these two ASSHOLES are the biggest benefactors too!

When the revolutionaries beggin to crucify the guilty these two need to be amoung the first!