Industry News

PIMCO chief: Subprime poised to take down economy

Bill Gross says risk management measures magnified disaster potential
Published on Jun 28, 2007

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by CareyBot

The manager of the world’s biggest bond fund, PIMCO, says the mortgage-backed securities (MBS) and collateralized debt obligations (CDOs) that helped fuel the housing boom dazzled ratings agencies with their “6-inch hooker heels.” In a strongly worded commentary on the ...