Pacific Investment Management Co. (Pimco), the world’s biggest bond fund manager, will promote Mohamed El-Erian to sole chief executive, after co-CEO Bill Thompson retires at the end of the year. El-Erian will remain co-chief investment officer with managing director Bill Gross. (Bloomberg) Gross yesterday called for a massive intervention in the housing market by the U.S. Treasury, “to prevent a continuing asset and debt liquidation of near historic proportions.” (Reuters)
The bottom line
September 5, 2008
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