The Bond King: How One Man Made a Market, Built an Empire, and Lost It All

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Paulson's Treasury Department ultimately put together a plan to bail out Fannie and Freddie, as Childs explains: "The government was doing exactly what Bill Gross had wanted, had asked for.

What are bonds and how do they work? - BBC News What are bonds and how do they work? - BBC News

One of the frustrating aspects of Gross's legacy, as is the same with Wall Street figures generally, is what his efforts produced in a real sense. that he earned from the auction at Shreves Philatelic Galleries of his British philatelic collections. Talk of an "end of the housing boom" and the housing market being a "disaster-in-waiting" increased in volume and PIMCO began to shift its portfolio accordingly.

In the foreword to former journalist David Rynecki's 2007 book, "Deals on the Green," Gross wrote golf was, "the most frustrating, damnable game ever conceived – alternately elevating and depressing you within the span of mere minutes. Some of Milken's children also received warrants, according to Stewart, raising the appearance of Milken self-dealing. This was a shock to the financial industry given that they had only seen "Gross's folksy TV persona. Mary Childs talks about the rise and fall of Bill Gross in "The Bond King" : Planet Money Investing legend Bill Gross revolutionized the bond market, built an empire, and lost it all.

Michael Milken - Wikipedia Michael Milken - Wikipedia

It appeared that the money managers bought the warrants for themselves, and did not offer the same opportunity to the funds they managed. Later that year, Giuliani began considering an indictment of Drexel under the powerful Racketeer Influenced and Corrupt Organizations Act. After all, the real story isn’t about how bonds work, but how Bill Gross made Pimco successful and how he lost control of it all. Before there was CNBC and Bloomberg, there was Louis Rukeyser and public television's Wall Street Week. It cuts through all the mind-numbing jargon of the finance world to provide an accessible and illuminating look at the rise of the multitrillion-dollar bond market.

Eventually, PIMCO pushes out its founder and trader extraordinaire, sending Gross off to Janus and retirement. The narrative in The Bond King has a lot of King Lear in it, a bit of Game of Thrones, and definitely some Real Housewives — but with guys who have Bloomberg Terminals. The investigation revolved around Milken allegedly providing investment advice through Guggenheim Partners. Mary Childs has a gift for explaining the rise of the modern bond market, one of the most important stories of finance, and interlaces that story with the deeply reported, thrilling, tragic and occasionally comic human story of the downfall of Bill Gross.

The Bond King : Planet Money - NPR The Bond King : Planet Money - NPR

I've heard it before that "Economics is just another manifestation of human emotions" and well, this book can give you some backing for that theory. We're gonna subpoena that, boy, so you'd better erase it," Gross says, peeking through some palm trees. His initial focus was on actuarial science, assuring that Pacific's bond portfolio was of the proper size and duration to pay off life insurance claims when they came due. Within a few years, a more appealing possibility came into view: not only to sit on those bonds until the proceeds were needed, but also to trade the bonds. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.It seems like the author may have anticipated a slightly more sophisticated audience than myself, and I frequently wished for just a bit more explanation of trades or strategies in plain English. A few sections drag given the technical discussion involved, but given the topic that is unavoidable. S. airmail stamps known as the " Inverted Jenny", featuring an engraving of a Curtiss JN-4 biplane printed upside-down.

the Bond World for Years. Then He Was Bill Gross Ruled the Bond World for Years. Then He Was

Childs takes several breaks from her tale to clarify the lawyer's position on statements in the book. His classmates included future Disney president Michael Ovitz [16] and actresses Sally Field and Cindy Williams. It’s about the expansion of finance to its current form, where experts rule and the little guy can’t win. On a CNBC appearance with anchor Erin Burnett early in 2008, he was already "urging the government to inject money into the system.She is a keen observer—of the “abruptly rich” young titans at Pimco and of their boss’s aversions (noise on the trading floor, eye contact, cellphones, Christmas parties) and pleasures (bonds, work, stamp collecting). The executive committee proposed a short fuse on a "retirement," with no long period for him to linger. Initiatives of FasterCures include TRAIN, Partnering for Cures, and the Philanthropy Advisory Service. Gross's life story follows the trajectory of bond trading in the United States: from a sleepy backwater of the finance world to the center of the Wall Street mania of the 2000s and the Great Recession. It took me a long time to get through the book as well I found it rather boring and maybe should have bailed after the first few chapters.