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Bill Gross Responds: "Sick Of [El-Erian] Undermining" Him
Following last week's discovery that Mohamed El-Erian was "sick of cleaning up [Bill Gross's] shit" as tensions soared at PIMCO, the "bond king" has struck back blasting to Reuters that he's "so sick of Mohamed trying to undermine me," claiming El-Erian wrote the damaging WSJ article. Furthermore, the somewhat paranoid-sounding Gross indicated that he had been monitoring El-Erian's phone calls but when questioned by Reuters for evidence of El-Erian's undermining, Gross responded "you're on his side. Great, he's got you, too, wrapped around his charming right finger." As one analyst noted, "I've never seen Bill and Pimco scrutinized like this before... a couple of high-profile stumbles and mediocre showings, coupled with some outflows clearly has some investors on edge."
Gross told Reuters that he had "evidence" that El-Erian "wrote" a February 24 article in the Journal, which described the worsening relationship between the two men as Pimco's performance deteriorated last year, including a showdown in which they squared off against each other in front of more than a dozen colleagues at the firm's Newport Beach, California headquarters.
Gross, who oversaw more than $1.91 trillion in assets as of the end of last year and who is known on Wall Street as the 'Bond King', said in a phone call to Reuters last Friday: "I'm so sick of Mohamed trying to undermine me."
When asked if Reuters could see the evidence about El-Erian and the allegation he was involved in the article, Gross said: "You're on his side. Great, he's got you, too, wrapped around his charming right finger."
He said he knew that El-Erian, who had been widely seen as the heir apparent to Gross but is now due to leave in mid-March, had been in contact with Reuters as well as the Wall Street Journal.
Gross indicated he had been monitoring El-Erian's phone calls.
...
The Wall Street Journal quickly denied Gross' claims...
When asked about Gross's claim that El-Erian "wrote" the article, a spokeswoman for Dow Jones, the publisher of The Wall Street Journal, said: "This is an astoundingly incorrect claim about a thoroughly reported article that was in the best tradition of The Wall Street Journal."
As we noted previously, isn't it interesting that all these tensions occur as the Fed starts to taper and bonds , according to many strategists, end a 30 year bull market...
The latest signs of a rift between Gross and El-Erian, who once praised each other fulsomely, come as Gross is grappling with clients who are also turning their backs on the very asset class that has made him famous.
That is happening partly because the Federal Reserve continues to reduce its controversial bond buying that has provided stimulus to the U.S. and world economies.
Pimco saw its assets under management shrink by $80 billion in 2013 due to outflows and negative returns, according to Morningstar.
...
"I've never seen Bill and Pimco scrutinized like this before. This is the most attention I have seen on them," said Eric Jacobson, Morningstar senior analyst who has covered Pimco for nearly two decades. "A couple of high-profile stumbles and mediocre showings, coupled with some outflows - and with no identified successor for life after Bill - clearly has some investors on edge."
Ugly...
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Turning into quite the cat fight.
DOW is down 5 points, did a nuke just go off in the USA?
When this was announced, the senile fucker went on CNBS and said that the 'divorce' with Mo was mutual....god everything that comes out of his trap cant be trusted.
Wouldn’t it be fun to see Gross going full retar... errr... Charlie Sheen? ;-)
Looney (winning!)
off topic, but of note, Tulving closes shop.
http://www.ocregister.com/articles/tulving-604564-company-coin.html
i am getting sick too of that MUSLIM TERRORIST!!!!
YOU THE MAN BILL !!! YOU ROCK MY MAN!
TULVING CLOSED?
Shit just got real!
Bill Gross reminds me of what Eddie Munster would have looked like all grown up.
Bill Gross can't wait for the day that "they" won't have Bill Gross to kick around anymore.
That day may be sooner than he thinks. Bill Gross is doing himself no favors every time he opens his mouth on this topic.
Hmm, does lithium help with paranoia?
Try Billy Mays
Uh oh! Somebody's going to get de-friended on Facebook!
Tulving is a lying cheating piece of shit. As proven by his business dealings.
Always knew he was a fraud, good riddance. Sucks for those out the phys.
Yeah, as I said last week. Sucks to be Bill Gross. He really is getting the shit kicked out of him this month, and it's starting to look a bit sad.
Tulving has a lengthy history of late shipping which has worsened in the past couple of years. Rumored undelivered inventory of $500,000,000 and hundreds of BBB and CA consumer complaints apparently has done them in. Tulving went BQ in the 90s (I think that was the decade) but came back and did well for a while. I did business with them in 2010 and 2011 without problems. Others I know however were not so lucky and had to use the courts to get their money back. I have been warning friends and family for a year to go elsewhere.
Not entirely off topic, just another example of a rat jumping ship.
Tulving=Ponzi!
Same-same.
More info here...
http://about.ag/tulving.htm
Dayamn!
El-Arian is an poseur. He has never made any comment about the markets that wasn't covered with hedges and when on CNBC can't wait to divert the conversation to professional sports
Bill?
The 30year bull market in bonds is done. El-smarty got out at the top and is leaving Gross to hold the bag.
Gross's super-ego keeps getting tripped up by his id; his ego just wants to be seen on CNBC.
Lover's quarrel...
I wonder if there is a 3rd fund manager involved...
Maybe we should get Gross and El- Erian along with Ackman and Ichan for a tag team cage match.
Last man standing would be more entertaining...
No kidding Doc, they're worse than watching a Kardashian divorce.
It's pretty darn pathetic. They sound like little school girls.
Somebody caught this exchange between them at Pimco's headquarters right before El Erian left.
http://www.youtube.com/watch?v=hf_XpLOYfog
Thanks for the lol Fonz.
UFC #179 - only slapping, biting and hair pulling will be allowed
Don't forget trash talking and name-calling!
Like i said last year...'Jew'-F-C 199
NOWS TIME!!!
Headline fight: Carl "I can" Icahn vs Bill Ackman
goyim b1tch fight: Bill "Gross" Gross vs Big Mo
Celebrity fight: Dan Loeb vs George Clooney
Clown fight: BoZio (short for Zionist) the Clown vs Jim 'Bear Stearns' Cramer
Geezer fight: Alan Greedy Greenspan vs J-bitch Yellen
Knockout of the Night goes to Bozio for taking the trash out in 5 seconds.
how about battle of the crypto-Lurches: John Kohn v. Mark Cuban
The Bond Biyatch!
is only paper girls : kiss & make up....
If indeed the 30 year bull market has ended or is ending as many claim, does that not mean that Pimco's $1.9 trillion bond portfolio will be decreasing in value from here on out - a problem of gargantuan proportions for Pimco and many other money managers, insurance companies, etc.
No wonder there is strife a Pimco, it is the end of an era where a rising market floats all boats. What's the corollary - "A falling market sinks all boats"
When an entire firm's destiny is staked on one asset class, no wonder there's some strife when it is obvious that said asset class faces problems of such epic proportions.
This is why the wealthy usually do not remain wealthy forever. They get 'married' to their particular asset class or asset classes of choice, which periodically and cyclically become primed for destruction. The fact that a bond fund manager, effectively a middleman, can become so large and so wealthy, epitomizes exactly what is wrong with the contemporary economy.
That said, this whole spat is incredibly embarrassing for Gross. He should probably go hide somewhere amidst his mountains of fiat instead of displaying such paranoid-schizophrenic tendencies in public.
Well, yeah. Look at the early oil fortunes. Say you were a cooper, a barrel maker, there would be times where there isn't enough time in the day, for you to get your work done! And then other times when there is no work at all, because the oil just wasn't worth selling (when there was a massive glut).
Now thing of all the daytraders, house flippers, gov't employees...
not boats that short said marketz...
long live the king
give these two over-privileged motherfuckers a couple of swords, lock them in a 10x10 windowless room and don't talk about them again until one of them comes out.
What, windowless, no tv rights, no youtube?
Bill was clearly kicked out of the club when he started sending his little tweets about the fed and shorting treasuries. Now the long knives of the oligarchs are going to finish him off.
when they start eating their own, you know the game is almost over.
My impression as well. Me thinks it would be wise to pull any funds from them.
Bill went ballistic when he wasnt in the inner circle and wasnt included in the fed's important distribution list....now this guy is turning to the dark side...didnt he just told everyone to load up on risk assets??
El Erian realizes this...he cant work with this senile two faced fucker....good for him to go somewhere else before PIMCO goes down like the Titanic.
european risk assets. are those actually assets?
I have always been intrigued by the fact that in accounting, all that separates an asset and an expense is... An accountant! An honest one, preferably.
Say your company 'invests' $1m on junk bonds.
Debit: Asset (junk bond) $1,000,000
Credit: Cash $1,000,000
And what did Worldcom, Enron etc do? They capitalized expenses!
good point
I've wondered about that too. It looks like he may have gone 'off message' and ruffled the wrong feathers.
The new normal
take away the easy leverage and free money, you find the "wizards" are nothing but average people.
Average very wealthy people.
Monkeys with dart boards, without the charm.
Wait - El-Arian is charming? Have you gotten a look at him? He has a face like a hobbit's vagina.
I shudder to think about how you learned that.....
Lol.... funny
The shuddering post was even better than the hobbit post and the hobbit post was pretty good.
it's the extra-extra easter-egg feature on the last DVD in the series. Can only be ordered using Bitcoin.
Sounds like somebody is on the defensive....
Hmmmm, wonder why????
Maybe Gross should do a Hillary and compare him to Hitler. That ought to fix it...Let's face it, Bill's gravy train is going to run dry, and hookers and blow don't come cheap in SoCal.
What's more disturbing is the ad next to the comments for new Oreos with different flavors. That is fundamentally wrong.
"wrapped around his charming right finger."
Eww. What's so charming about his right finger? Is it being stuck up certain places?
Makes me think El Arian thinks the bond king goes boom when the 10yr yield starts going above 3,xx% and he got the hell out of Dodge.
Syncophants are always thus.
i'm really not as cool as i'd like to be...
http://www.youtube.com/watch?v=wRpAANsoG8I
I'm guessing Bill Gross is totally fucking insane. As the bull market comes to an end, he'll blame everyone around him. The talented people will get sick of his bullshit and leave the company.
Sounds a lot like Warren Buffet and his attitudes towards the gold sector.
Not to mention his granddaughter.
Re. Bill Gross sick of El Erian
Maybe he should try flying a different airline.
Genitalia, the Italian airline perhaps? Sounds very Gross.
Berlusconi personally guarantees Air GenItalia has free Bunga Bunga for First Class!
It is a big club Bill and you ain't in it. Wonder if El-Erian really bailed out on his own seeing the approaching trainwreck or was paid off to switch leashes and is doing his new master(s) bidding.
when the squid stopped returning his phone calls he knew it was time to gtfo
These 2 remind me of the Monty Python fish slapping dance bitch fight.
https://www.youtube.com/watch?v=IhJQp-q1Y1s
Did El-Erian also write the damaging tweet;
Gross: So to keep the Chinese Yuan steady, the PBOC buys Treasuries. When they want the #Yuan to be weaker, wouldn’t they sell #Treasuries?
Oh no, that was just Gross damaging himself.
I was surprised by the fact PIMCO is owned by Allianz.. My ignorance is showing..
I thought billionaires got along better than that? Shatters my illusion!
Re: Shatters my illusion!
Well, I'm sure their kids still attend the same schools and they'll get along fine at the school social events. The Elysium Class can have its family spats, but the goal is to ensure the wealth is passed to the children.
would some just get the fucking shotgun and shoot this two bitches??????
fuck sakes!!!!
I said it at the Brighton conference, I said it at Basel accords, and I'll say it again: When the people in power really start to get squeezed, they'll start eating each other. Just as a pack of dogs go after each other when confined in a shrinking space, the Keynesians will destroy each other.
Should be fun to watch.
Clown A + Clown B = managing over US$1 Trillion in assets!
I'd be furious too if I had to take a US$100m pay cut!!!!
Right up there with the Cyrus/Knowles twerking wars.
The smartest thing Gross could do is turn off his stupid Twitter act. and start acting like an adult.
Having clicked through Yahoo! to get here, there was a disturbingly smooth segue from Miley Cyrus/Katy Perry to Bill Gross/Mohamed El-Erian.
Home Depot is reporting shortages of nail guns nationwide.
Gotta love a bond fund where the expense ratio is greater than the yield. Good luck with that.
Hey Bill, I hear you are going to buy junk bonds. Russia soon might have all you can take.
"When the chips are down...
These so called 'civilized' people...
They'll eat each other."
- The Joker
(Batman The Dark Knight)
Call it like it is: The WSJ just trying to sell newspapers/content.
Looks like Bill is descending into Captain Queeg hell........
http://www.youtube.com/watch?v=ZlV3oQ3pLA0
Bill Gross: I want this settled once and for all!
Maury: The test is in, and you are not the father!
El Erian: ....
Bill: I knew it, you wanker, that skank of a wife @#$$ mutherfucker!!