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Gross, El-Erian Rumored Replacements For Larry Summers

Tyler Durden's picture




 

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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Tue, 09/28/2010 - 12:18 | 610385 Everyman
Everyman's picture

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?

Tue, 09/28/2010 - 12:39 | 610460 etrader
etrader's picture

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_...

 

Tue, 09/28/2010 - 13:13 | 610574 Biggvs
Biggvs's picture

+1 You beauty... thanks for the link.

Tue, 09/28/2010 - 14:07 | 610743 carbonmutant
carbonmutant's picture

+1

Tue, 09/28/2010 - 12:46 | 610500 billwilson
billwilson's picture

How about Rosenberg?

Tue, 09/28/2010 - 12:59 | 610535 Missing_Link
Missing_Link's picture

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.

Tue, 09/28/2010 - 15:51 | 611048 illusionist
illusionist's picture

Bring on Bernie Madoff - the man for task

Tue, 09/28/2010 - 21:11 | 611637 Arius
Arius's picture

How about good ol" BERNIE Maddoff ?

Tue, 09/28/2010 - 12:47 | 610506 IQ 145
IQ 145's picture

 uh. yeez, that's an ugly rumor, alright.

Tue, 09/28/2010 - 13:46 | 610680 whatsinaname
whatsinaname's picture

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 ?

 

Tue, 09/28/2010 - 15:06 | 610885 illusionist
illusionist's picture

It was a close toss up between either or both of them and the first choice - Bernie Madoff....

Tue, 09/28/2010 - 12:20 | 610392 Jim B
Jim B's picture

LOL Bond Mafia

Didn't Gross want the FED to back all mortgage securities......

Tue, 09/28/2010 - 13:18 | 610603 pile of poop
pile of poop's picture

Yes and he calls for massive QE and stimulus spending ad infinium in his latest letter:

 

http://www.pimco.com/Pages/StanDruckenmillerisLeaving.aspx

Tue, 09/28/2010 - 12:20 | 610395 rapacious rachel wants to know (not verified)
rapacious rachel wants to know's picture

bwahahahahahahahahaha!!!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tue, 09/28/2010 - 12:22 | 610402 Miles Kendig
Miles Kendig's picture

Bill Gross divest?  hahahahahahahaha  OOps.  It's PIMCO.  Never mind.

Tue, 09/28/2010 - 12:22 | 610403 sumo
sumo's picture

Nah, Phil Gramm, the Senator for Enron - only he could top Larry Summers (given that Bernie Madoff is busy).

Tue, 09/28/2010 - 15:58 | 611070 illusionist
illusionist's picture

Don't lose hope just yet. Bernie could find the time - this may constitute community service

Tue, 09/28/2010 - 12:23 | 610408 Paper CRUSHer
Paper CRUSHer's picture

T'will be the New Normal.

Tue, 09/28/2010 - 12:24 | 610410 Paper CRUSHer
Paper CRUSHer's picture

double post deleted.

Tue, 09/28/2010 - 12:24 | 610414 gapcrap
gapcrap's picture

Once again...the fox guarding the henhouse. Why not invite Blankfein to the party also.

Tue, 09/28/2010 - 16:22 | 611145 illusionist
illusionist's picture

Shh! He is very busy doing god's work.

Tue, 09/28/2010 - 12:25 | 610417 imokruok
imokruok's picture

They'll just get the Fed to buy their book. What a freaking disaster.

Tue, 09/28/2010 - 12:51 | 610419 hedgeless_horseman
hedgeless_horseman's picture

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...

Tue, 09/28/2010 - 18:44 | 611451 Problem Is
Problem Is's picture

Your friend and mine, h_h?

Neel "Down You Bald Bitch" Kashkari?

Tue, 09/28/2010 - 12:26 | 610422 Cognitive Dissonance
Cognitive Dissonance's picture

...in case the next head of Pimco is unable to replicate his predecessor's success.

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.

Tue, 09/28/2010 - 12:27 | 610428 Jason T
Jason T's picture

"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.  

 


Wed, 09/29/2010 - 01:06 | 611901 palmereldritch
palmereldritch's picture

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

 

Wed, 09/29/2010 - 07:59 | 612212 The Real Fake E...
The Real Fake Economy's picture

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.

 

Tue, 09/28/2010 - 12:30 | 610441 williambanzai7
williambanzai7's picture

Did either of those two guys ever manufacture anything besides paper?

Wed, 09/29/2010 - 02:42 | 611963 StychoKiller
StychoKiller's picture

Hyper-dimensional origami required to make CDO^2 and CDS count?

Tue, 09/28/2010 - 12:41 | 610453 pamriallc
pamriallc's picture

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

Tue, 09/28/2010 - 12:35 | 610457 goldmiddelfinger
goldmiddelfinger's picture

If El-Arian joins forces with Hussien Obama will the WH install a mosque?

Tue, 09/28/2010 - 12:37 | 610463 rapacious rachel wants to know (not verified)
rapacious rachel wants to know's picture

sharia finance here we come

Tue, 09/28/2010 - 12:38 | 610467 MarketTruth
MarketTruth's picture

Small correction in the article above ;-)

PIMPco

Tue, 09/28/2010 - 12:38 | 610469 knukles
knukles's picture

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. 

Tue, 09/28/2010 - 12:41 | 610477 Hang The Fed
Hang The Fed's picture

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.

Tue, 09/28/2010 - 12:41 | 610478 theworldisnotenough
theworldisnotenough's picture

Someone else for Obama to ignore...

Tue, 09/28/2010 - 12:47 | 610503 knukles
knukles's picture

Yes!

Tue, 09/28/2010 - 12:42 | 610481 shushup
shushup's picture

I should have know. El-Arian actually defended the BO administration last week and saidthe now famous "They inherited........blah blah blah"

Tue, 09/28/2010 - 12:42 | 610487 Prof Quagmire
Prof Quagmire's picture

 

"....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.

Tue, 09/28/2010 - 12:51 | 610515 London Dude Trader
London Dude Trader's picture

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. 

Tue, 09/28/2010 - 13:02 | 610546 curbyourrisk
curbyourrisk's picture

Give me Denninger!!!!!!!!

Wed, 09/29/2010 - 02:45 | 611965 StychoKiller
StychoKiller's picture

I would take the job except I value my life, not to mention my sanity, more than perpetuating this crazed financial fun house!

Tue, 09/28/2010 - 13:04 | 610556 tahoebumsmith
tahoebumsmith's picture

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.

Tue, 09/28/2010 - 13:18 | 610599 rapacious rachel wants to know (not verified)
rapacious rachel wants to know's picture

never to forget Rahmbo and Axelrod

Tue, 09/28/2010 - 13:15 | 610587 Bankster T Cubed
Bankster T Cubed's picture

Hey what about THE JOKER from Batman?  Is he not available?

Or Lex Luther? 

Or Osama Bin Laden?

ufb

Wed, 09/29/2010 - 02:47 | 611966 StychoKiller
StychoKiller's picture

Well, let's see -- we've already had the Riddler (Greenspan), so let's go with "Egghead!"

Tue, 09/28/2010 - 13:17 | 610591 RobotTrader
RobotTrader's picture

By the way....

When is Eric King going to interview the CEO of BIDU?

Tue, 09/28/2010 - 14:51 | 610837 Jim B
Jim B's picture

OMG

Tue, 09/28/2010 - 13:17 | 610595 A_MacLaren
A_MacLaren's picture

Lovely, more failed neo-Keynesians to replace the exiting neo-Keynesian(s).

Tue, 09/28/2010 - 13:21 | 610597 web bot
web bot's picture

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.

 

Tue, 09/28/2010 - 13:18 | 610601 Paul S.
Paul S.'s picture

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."

Tue, 09/28/2010 - 13:21 | 610613 bugs_
bugs_'s picture

Scottie Sullivan is out!

Tue, 09/28/2010 - 13:56 | 610716 FEDbuster
FEDbuster's picture

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?

Tue, 09/28/2010 - 14:21 | 610782 Dr. No
Dr. No's picture

Rahm (speaking to himself): "What do I care, I'll be in Daly's shoes within a year."

Wed, 09/29/2010 - 02:49 | 611967 StychoKiller
StychoKiller's picture

Just in time to see Chicago go up in rioting and pillaging (I say that like it's a bad thing).

Tue, 09/28/2010 - 13:20 | 610609 bugs_
bugs_'s picture

If this is your first night on "Economic Team" you have to fight.

and remember always trust tyler.

Tue, 09/28/2010 - 13:21 | 610616 NOTW777
NOTW777's picture

just a thought - how about someone without massive conflicts of interest; how about someone to defend and protect the regular american taxpayer

Tue, 09/28/2010 - 14:34 | 610809 aheady
aheady's picture

Snap out of it.

Tue, 09/28/2010 - 16:01 | 611083 illusionist
illusionist's picture

Like Beetle Bailey?

Wed, 09/29/2010 - 02:50 | 611968 StychoKiller
StychoKiller's picture

I already stated why I won't take the job.

Tue, 09/28/2010 - 13:26 | 610626 New Revolution
New Revolution's picture

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.

Tue, 09/28/2010 - 13:58 | 610719 FEDbuster
FEDbuster's picture

He could be called up when it's time to replace Timmy or Benron.

Tue, 09/28/2010 - 13:33 | 610646 MarketFox
MarketFox's picture

Actually this could be good....

 

The road to getting the govt. out of the mortgage business ?

 

Stay tuned....

Tue, 09/28/2010 - 13:48 | 610689 NotApplicable
NotApplicable's picture

No way, not gonna happen.

More likely, it will be PIMCO getting out of the mortgage bond business.

Tue, 09/28/2010 - 13:36 | 610654 ratava
ratava's picture

lto - leveraged takeover

Tue, 09/28/2010 - 13:53 | 610703 b_thunder
b_thunder's picture

Bill Gross in the White House == antionalization of the entire mortgage financing.

Fannie, Freddie  FOREVER!

 

Tue, 09/28/2010 - 13:58 | 610721 FEDbuster
FEDbuster's picture

Chris Dodd is available.

Tue, 09/28/2010 - 14:02 | 610728 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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.

Tue, 09/28/2010 - 14:29 | 610800 prophet
prophet's picture

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   

Tue, 09/28/2010 - 18:37 | 611443 Problem Is
Problem Is's picture

PIMPco in the White House?
WTF? Time to foreclose GMAC / JPM / MERS style on Obummer...

White House Eviction notice Wall Street Puppet Bitch(ez)...

Tue, 09/28/2010 - 20:34 | 611591 Justaman
Justaman's picture

What, do these guys nod off in their meetings too???  Sorry, I forgot narcalepsy is a disease. 

Tue, 09/28/2010 - 20:51 | 611608 knukles
knukles's picture

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. 

Wed, 09/29/2010 - 02:02 | 611937 Temporalist
Temporalist's picture

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.

Tue, 11/16/2010 - 10:19 | 730484 daniel
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