Tension at PIMCO

Posted by Business Insider

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The Wall Street Journal has a big story about the shakeup at the world’s largest bond firm. Gregory Zuckerman and Kirsten Grind report that tensions between PIMCO’s Bill Gross and Mohamed El-Erian mounted as the bond market struggled over the summer and clients yanked their money. “I have a 41-year track record of investing excellence,” Gross reportedly told El-Erian “What do you have?” “I’m tired of cleaning up your s—,” El-Erian responded, the Journal reports. Last month, El-Erian unexpectedly announced he will be leaving PIMCO in mid March.