People need to know who Pimco is. Reuters says, ” Pimco is a unit of Allianz Global Investors, which managed about $970 billion in client assets at the end of 2008 and says it is the world’s biggest fund house.”
Pimco is a major player in the financial crisis and owns billions in government backed securities. Reuters now reports:
Bond giant Pacific Investment Management Co said the Federal Reserve needs to double its balance sheet up to $6 trillion to replace the amount of wealth destroyed in the United States, an executive said on Thursday.
Liabilities on the Fed’s balance sheet should rise to between $5 trillion and $6 trillion later this year amid the financial crisis that roiled global markets, said Brian Baker, chief executive Pimco Asia Ltd.
Reuters also points out:
Pimco’s chief investment officer Bill Gross is one of the industry’s most widely watched figures.
Pimco is buying high-yield bonds in some U.S. banks that have received government support.
“We are investing in Citibank. We are investing in Bank of America. Those are, we believe, national champion banks or financial institutions that will survive,” he said.
Our government is working to benefit private profit, not the public interest.
Archein
do we not know that we are on daylight time ("EST" means Eastern Standard Time which is not current time– we are on EDT)? I guess the planners meant EDT. Seems so goofy that we deserve not to understand what they're doing with our $trillions.
Hey Rob, Yeah, it's EDT. Sorry about the typo. We'll fix it soon.