PimpCo
Mish isn’t too impressed with “Geithner’s Gift To Pimco”.
Pimco has been riding the gov’t coattails since this whole thing began, and begged for the nationalization of Fannie and Freddie. Of course, they got it. This situation isn’t much different.
Bill Gross has become a specialist at taking your money, via the government, for his clients. The display has been downright shameful.
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And I’m not too impressed with Mish. “Pimpco” is a rude and insulting way to play to his cheering entourage of hooting, feces flinging flying monkeys (See, I can do it, too.)
As an old poker player, I’m sure Bill Gross has heard the admonition to play the hand you are dealt. He has done that masterfully.
Comment by Fred — 4/2/2009 @ 10:47 am
The only thing is that Gross wasn’t ‘dealt’ his hand — he chose his own cards by loading up on questionable stuff. Now he’s doing nothing but using his influence to make sure the deck is stacked in his favor.
Comment by BMB — 4/2/2009 @ 11:03 am
Fred has a valid point–BUT I also think that Gross probably has an unhealthy “in” and “influence” on decisions that are made. And anytime someone has an unfair advantage like that, it hurts the little guy and shouldn’t be allowed–that’s what leads to corruption and bad decisions that help an elite few.
I don’t have a problem with Gross making money or taking advantage of a situation. I do have a problem with him going on television and telling the little guy one thing, all while working deals in the back room. It’s not that much different that Cramer using his show to push stocks after telling his subscribers what he will talk about on TV.
There’s plenty of blame all around and the point is that there is no level playing field. There’s a lot of cheating and corner cutting going on.
Comment by Maria — 4/2/2009 @ 11:15 am
I am glad Mish is telling it like it is. We need a lot more bloggers and journalists being rude and insulting. Some how the message hasn’t gotten through how pissed the little people are. We need to turn up the volume with rude and insulting articles everywhere.
Comment by EDN — 4/2/2009 @ 12:24 pm
Appreciate Fred’s point about the rudeness and easy-target nature of labeling Pimco as such (“Pimpco”). Something I’m struggling with a lot lately is trying to stay nice and civil. Doesn’t always work…see yesterday’s rant in Jim Rogers post for example.
Having said that, BMB, your point about Gross and Pimco is spot on in my view.
In fact, lately I’ve been marveling at the fact that more people haven’t mentioned this from the start. Remember that $1.7 billion payout Pimco reaped from Fannie and Freddie govt. takeover last fall? Just the beginning…
Comment by David — 4/2/2009 @ 1:20 pm
I just call it as I see it. Maybe he’s a nice guy. But I don’t care for the way he’s been operating lately.
As for the ‘Pimpco’, it came from Mish’s piece.
Comment by BMB — 4/2/2009 @ 1:50 pm
EDN, we happen to know you always advocate rudeness whether it is deserved or not–just for your own chuckle purposes!!!!
Comment by Maria — 4/2/2009 @ 2:37 pm
David you hit the nail on the the head. I can remember him pushing for this on cnbc. Naturally a week or two later the government does and he hits pay dirt. This man gives sleaze a bad name. He is one of the insiders who run this country for their benefit not the public. I must end this because I will get very vulgar.
Comment by John — 4/2/2009 @ 2:41 pm
True that, John. I have stopped reading their commentary or listening to their nonsense. Can’t trust ‘em.
Re: “Pimpco”. I think I’ve used that one myself, loved it the first time I heard it actually. Very appropriate term, so I certainly won’t chastise anyone for using it! Actually glad BMB took time to start this post and point this stuff out.
Comment by David — 4/2/2009 @ 3:54 pm