Based in Newport Beach, Calif., Pimco manages about $2 trillion in assets. Its founder, William Gross, is a near-constant presence on business television and each month pens widely read, long-winded newsletters. As a measure of Pimco's influence, the U.S. government regularly employed it to help mop up after the financial crisis. At the time, many observers grumbled about the apparent conflict of interest inherent in the world's biggest bond-fund manager being in charge of keeping an eye on huge piles of bonds on behalf of the taxpayer.
When I first started looking at data after the crash, I was surprised to here Bill constantly spouting off. I wondered why, being naive at the time.
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