What Created This Economic Monster?


	What Created This Economic Monster?

rmowery

3-23-2008 3:23 AM

164 views

tags:

economy, bill gross, pimco, depresssion, recession, banks, banking, bonds

rmowery says:

Interesting, this is the same guy mentioned in this LA times article in a different context.
http://www.latimes.com/news/printedition/front/la-fi-foreclose22mar22,1,5643343.story

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/be081cc5-5033-40ac-8473-39d6caf59bd0/10AE398A-B8D7-4E5F-8C42-372A249AE44E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/03/23/business/23how.html?em&ex=1206417600&en=824454ed41d66cdf&ei=5087%0A" href="http://www.nytimes.com/2008/03/23/business/23how.html?em&ex=1206417600&en=824454ed41d66cdf&ei=5087%0A" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/03/23/business/23how.html?em&ex=1206417600&en=824454ed41d66cdf&ei=5087%0A"><NYT_HEADLINE _moz-userdefined="" type=" " version="1.0">
What Created This Monster?
</NYT_HEADLINE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/03/23/business/23how.html?em&ex=1206417600&en=824454ed41d66cdf&ei=5087%0A"><P>LIKE Noah building his ark as thunderheads gathered, Bill Gross has spent the last two years anticipating the flood that swamped <A title="More information about the Bear Stearns Companies." href="http://topics.nytimes.com/top/news/business/companies/bear_stearns_companies/index.html?inline=nyt-org">Bear Stearns</A> about 10 days ago. As manager of the world’s biggest bond fund and custodian of nearly a trillion dollars in assets, Mr. Gross amassed a cash hoard of $50 billion in case trading partners suddenly demanded payment from his firm, Pimco. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/03/23/business/23how.html?em&ex=1206417600&en=824454ed41d66cdf&ei=5087%0A"><P>And every day for the last three weeks he has convened meetings in a war room in Pimco’s headquarters in Newport Beach, Calif., “to make sure the ark doesn’t have any leaks,” Mr. Gross said. “We come in every day at 3:30 a.m. and leave at 6 p.m. I’m not used to setting my alarm for 2:45 a.m., but these are extraordinary times.”</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/10AE398A-B8D7-4E5F-8C42-372A249AE44E/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>