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Gross, El-Erian Rumored Replacements For Larry Summers
Rumor making rounds now that either of Pimco's top two men could replace the man who destroyed Harvard's endowment. Should either of these two be forced to quit Pimco, it would mean that QE would have to be massive to make sure that the Fed is a backstop of last reserve in case the next head of Pimco is unable to replicate his predecessor's success.
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GEEZ! These 2 are the LAST PEOPLE I want in charge of monitary policy.
This just keeps getting worse. PIMCO guys? The ones that advertise on CNBS????
SERIOUSLY?
Hugh Hendry would be better.....
He's on Eric King's site today, who's a friend of ZH. (Note the ZH shout out at the start of the interview :>)
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/9/28_Hugh_...
+1 You beauty... thanks for the link.
+1
How about Rosenberg?
Hugh Hendry and Rosenberg? Are you kidding? No, no, no. The Obama admin only wants people who are capable of drinking the Kool-Aid and lying through their teeth about everything. Those are the last two people on earth who'd ever get the job.
Bring on Bernie Madoff - the man for task
How about good ol" BERNIE Maddoff ?
uh. yeez, that's an ugly rumor, alright.
Didn't El Erian ambush the Harvard endowment by pushing into Emerging markets as the collapse was accelerating out West ?
Maybe Larry hired him before he fled to Washington ?
It was a close toss up between either or both of them and the first choice - Bernie Madoff....
LOL Bond Mafia
Didn't Gross want the FED to back all mortgage securities......
Yes and he calls for massive QE and stimulus spending ad infinium in his latest letter:
http://www.pimco.com/Pages/StanDruckenmillerisLeaving.aspx
bwahahahahahahahahaha!!!
Bill Gross divest? hahahahahahahaha OOps. It's PIMCO. Never mind.
Nah, Phil Gramm, the Senator for Enron - only he could top Larry Summers (given that Bernie Madoff is busy).
Don't lose hope just yet. Bernie could find the time - this may constitute community service
T'will be the New Normal.
double post deleted.
Once again...the fox guarding the henhouse. Why not invite Blankfein to the party also.
Shh! He is very busy doing god's work.
They'll just get the Fed to buy their book. What a freaking disaster.
Wait until you see the moron that is waiting in the wings (PIMCO equities (oxymoron)) to replace the one that leaves.
He's fresh off his shed-building hiatus and experienced with the new normal of napkin-based legislative investing.
He's your man when the only orders that matter are Executive Orders.
PIMCO needs to hit big numbers; who is better at making (up) a big number?
http://www.businessinsider.com/former-outdoorsman-goldmanite-and-chump-n...
Your friend and mine, h_h?
Neel "Down You Bald Bitch" Kashkari?
I assume this is sarcasm?
On the contrary, with a Pimpco man making the government plan, the correlation will grow stronger, not weaker. Remember, there are no longer any barriers (if there ever were any) to full blown corruption. GS led the way and Pimpco is taking the baton and running towards the Fed/Treasury light.
"Mr. Greenspan, it should be noted, now works for Pimco as a consultant."
http://www.nytimes.com/2009/06/21/business/21gross.html?_r=1
Masters of the same universe.
On Pimco's Gross:[snip]
"He says he can’t even visit that floor himself anymore without a company lawyer at his side. The last time he did was in December, when he wished the traders happy holidays.
“I said, ‘Merry Christmas,’ ” Mr. Gross recalls. “The lawyer said, ‘Mr. Gross says Merry Christmas.’ Right then and there, I knew that communications were basically severed. That’s the way the Fed wants it."
An amazing gem from an absurd puff piece.
Thanks for the link
wow great article! was on my honeymoon when this came out so I never read this sadly enough, but this should tell you all you need to know about gross. he says he's no alpha male but then goes on to say, if i have to choose between screwing over my clients or screwing over the government/taxpayer, i'm screwing over the latter.....typical.
and I guess we never got the PPIP ball rolling either, seeing as QE and uncle sam back stopping everything was enough to drive financial higher from March/april 09.
Did either of those two guys ever manufacture anything besides paper?
Hyper-dimensional origami required to make CDO^2 and CDS count?
The problem with anyone who knows Washington well is that whoever replaces Summers will be stuck as more of a politician than anyone capable of improving current conditions. A great CEO with a completely bankrupt board of directors will get nowhere fast, and lose credibility in the process.
Please understand the following: "A great management team with a great reputation can try and improve a crummy business; but in the end, only the reputation of the crummy BUSINESS remains in tact."
Intelligent business people who already have all of the money that they need (and people willing to make big waves) will never be chosen for these roles. Only when "Atlas-has-Shrugged" and truly capable people have refused to consult the system (without first demanding extraordinary leeway) will we be in a position to improve conditions.
Shawn Mesaros, Pamria, LLC
If El-Arian joins forces with Hussien Obama will the WH install a mosque?
sharia finance here we come
Small correction in the article above ;-)
PIMPco
It don't matter anymore, anyway. Until proven otherwise the marketplace has come to believe whole system a criminal enterprise with positions and appointments being Shuffled to meet necessary public appearances.
I guess that they're working their way up to the hiring of even bigger cranks than the ones they have now, eh? Fucking wonderful...instead of just swimming in a big river of shit, we'll be drowning in it before long.
Someone else for Obama to ignore...
Yes!
I should have know. El-Arian actually defended the BO administration last week and saidthe now famous "They inherited........blah blah blah"
"....full blown corruption..." Or full blown fascism, depending on how you define it. The favored few will see their "private enterprises" merged into government and become indistinguishable from it.
Great, so Mohammed can finish the fuck-up job he started in Cambridge, Mass by singlehandedly half-destroying Harvard's endowment.
I wonder why nobody ever seems to mention that genius' accomplishments during his 4-year tenure as Harvard U's head hedge fund manager.
Give me Denninger!!!!!!!!
I would take the job except I value my life, not to mention my sanity, more than perpetuating this crazed financial fun house!
Why not add Brian Sacks to the list as well? They are all sleeping in the same bed with Tim Geithner. It doesn't really matter which " PIMP..CO" exec takes over at this point because as you have noted quite thoroughly the outflows in mutual funds has been massive and will continue as more Americans wake up and realize they are being robbed blind. This whole ponzi is on the edge of the cliff and it can't back away because there are too many angy Americans lined up ready to push it over the edge. The only logical answer in the end will be a reset button on the dollar..Cash in your currency for 30% of it's value and take the haircut...Summers, Orszag and Romer are all running scared as they don't want to be around when the real shit hits the fan.
never to forget Rahmbo and Axelrod
Hey what about THE JOKER from Batman? Is he not available?
Or Lex Luther?
Or Osama Bin Laden?
ufb
Well, let's see -- we've already had the Riddler (Greenspan), so let's go with "Egghead!"
By the way....
When is Eric King going to interview the CEO of BIDU?
OMG
Lovely, more failed neo-Keynesians to replace the exiting neo-Keynesian(s).
You know, during the reign of Pharaoh, at least the Egyptians only committed incest with their siblings... not their parents...
With the comments that Gross made recently regarding QE and the fact that he had future information regarding the fed policy... this makes me #uckin sick.
The next time you hear the lunatic fringe talk about conspiracy theories, cabals and a ruling elite, don't be so quick to dismiss their ramblings.
Obama: "What about Andrew Fastow?"
Rahm: "He's still in jail."
Obama: "Shit. Is Bill Gross?"
Rahm: "Not yet."
Obama: "Let's go with him then."
Scottie Sullivan is out!
Presidential pardon for Martin Armstrong in return for a couple years in the White House?
I guess Peter Schiff didn't make the short list?
Rahm (speaking to himself): "What do I care, I'll be in Daly's shoes within a year."
Just in time to see Chicago go up in rioting and pillaging (I say that like it's a bad thing).
If this is your first night on "Economic Team" you have to fight.
and remember always trust tyler.
just a thought - how about someone without massive conflicts of interest; how about someone to defend and protect the regular american taxpayer
Snap out of it.
Like Beetle Bailey?
I already stated why I won't take the job.
I'd vote for a Presidential pardon of Bernie Made-off and put him large and in-charge, then we'll be done with the hypocracy and get down to the way things really are. I mean,... let's talk transparency in government for a change.
He could be called up when it's time to replace Timmy or Benron.
Actually this could be good....
The road to getting the govt. out of the mortgage business ?
Stay tuned....
No way, not gonna happen.
More likely, it will be PIMCO getting out of the mortgage bond business.
lto - leveraged takeover
Bill Gross in the White House == antionalization of the entire mortgage financing.
Fannie, Freddie FOREVER!
Chris Dodd is available.
destroyed Harvard's endowment...destroyed world trade....destroyed Financial Regulation (twice!). Nobody will replace this guy as the Numero Uno in the Hall of Shame.
EURO POMO. First the British and now the German "parents" help make the bridge to their sovereign. Makes sense. Watch for Merkel meeting to confirm.
-profd
PIMPco in the White House?
WTF? Time to foreclose GMAC / JPM / MERS style on Obummer...
White House Eviction notice Wall Street Puppet Bitch(ez)...
What, do these guys nod off in their meetings too??? Sorry, I forgot narcalepsy is a disease.
So are leprosy, ringworm, dysentery, cancer, topical fungus, AIDS, meales, mumps, scurvy, skittles, shankerous open lesions, smegma buildup, body odor, gangrene, chicken pox, tooth decay, polio, and delirium tremors.
May they get them all at fucking once.
Didn't read a post here but my own personal opinion is neither Gross nor El Erian are dumb enough to step into the shithouse in replace of Summers.
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