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talkingpointsmemo.com - 1/3/2009

Gross Profits

— talkingpointsmemo.com — Last Fall PIMCO chief Bill Gross was on the airwaves raising the alarm bell about how the... backlog of toxic mortgage-backed securities were on the brink of crushing the US economy. And he certainly had some unique insight into the problem since over ... (more) Gross Profits

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tpmmuckraker.talkingpointsmemo.com - 12/28/2008

With Bailout Money At Stake, It's Hip To Be A Bank

— tpmmuckraker.talkingpointsmemo.com — Maybe TPMmuckraker will reorganize as a bank to get our hands on some taxpayer money. After all,... everyone's doing it. The Project on Government Oversight (POGO), a good-government group, last week sent a letter to Congressional leaders identifying ... (more) With Bailout Money At Stake, It's Hip To Be A Bank

White House

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Gross Profits: PIMCO Hired To Manage Bailout That Saved It
TPMMuckraker — Over at TPM, we noted earlier today the news that the Federal Reserve has hired four investment firms -- BlackRock, Goldman Sachs, PIMCO and Wellington Management Company -- to manage its mortgage-backed securities purchase program, in which it will buy up $500 billion worth of mortgage bonds, in an effort to boost the housing market. It'd be nice to know more about why all of these companies were selected, and how much they're being paid -- and we've put those questions to the Fed. But for a number of reasons, one of the four firms, bond giant PIMCO, stands out as a particularly interesting choice. As of June 30th, 61 percent of PIMCO's assets -- $500 ...

Gross Profits
Talking Points Memo — Last Fall PIMCO chief Bill Gross was on the airwaves raising the alarm bell about how the backlog of toxic mortgage-backed securities were on the brink of crushing the US economy. And he certainly had some unique insight into the problem since over 60% of his firm's $830 billion in assets were made up of those mortgage-backed securities. At the time, Gross was on the airwaves (on CNBC in particular) pledging that just out of a sense of patriotic duty he'd be willing to have his firm manage the government bail-out (i.e., government purchase of the crap CDOs) for free. Just for the sake of patriotism. So ...