Pimco's Gross: Financial Firms Will Write Down $1 trillion


	Pimco's Gross: Financial Firms Will Write Down $1 trillion

Forbes Markets

7-24-2008 3:04 PM

664 views

tags:

credit crisis, banking, u.s. economy

Forbes Markets says:

And his still isn't the gloomiest estimate.

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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/c22fdf9a-ee91-42a0-8304-f9f66e4310c5/F62B5826-604F-4956-89E7-FE47E518134E/" 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.nakedcapitalism.com/2008/07/pimcos-bill-gross-financial-firms-will.html" href="http://www.nakedcapitalism.com/2008/07/pimcos-bill-gross-financial-firms-will.html" style="font-size: 11px;">www.nakedcapitalism.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2008/07/pimcos-bill-gross-financial-firms-will.html"><DIV><A type="audio/mpeg" title="Listen to this article" href="http://www.talkr.com/app/fetch.app?feed_id=26602&perma_link=http://www.nakedcapitalism.com/2008/07/pimcos-bill-gross-financial-firms-will.html"><IMG border="0" src="http://www.auroraadvisors.com/nakedcap/talkr-podcast.png" alt="Listen to this article" /></A>
Bond maven Bill Gross has raised his estimate of losses from the credit crunch to $1 trillion. One has to note that his firm is a large holder of Freddie and Fannie debt and he issued this pronouncement the day after the GSE rescue bill passed the House and looks certain to become law.</DIV></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.nakedcapitalism.com/2008/07/pimcos-bill-gross-financial-firms-will.html"><P>From Gross' <A href="http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2008/Investment+Outlook+Bill+Gross+Mooooooo+August+2008.htm">August newsletter</A>:<BR /></P><BLOCKQUOTE>The deflating U.S./global asset markets are much like Churchill’s Russia: a riddle wrapped in a mystery, inside an enigma. “Who is driving delevering?” asks the Financial Times, and the answer comes back, “all of us;” yet it is hard to see it except in the headlines or to fix it, given a lineup of 6.8 billion suspects.... </BLOCKQUOTE></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/F62B5826-604F-4956-89E7-FE47E518134E/blog/" title="blog or email this clip"><img src="http://content8.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>

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