PIMCO's Mea Culpa to Investors
By Bill Gross, PIMCO
What’s happened over the last few months to the world’s greatest bond fund? (Well at least arguably the world’s largest bond fund). Giants Hall of Famer, Willie Mays, was
once asked to name his most outstanding catch. “I don’t rate ‘em,” he said, “I just catch ‘em.” Likewise at PIMCO. We leave the ratings to you the client, or to Morningstar for
which we are always grateful. We just try to catch “alpha” wherever and whenever we can with as little risk as possible and let the performance make our headlines. But this year the headlines have spoken to some dropped fly balls. What’s happened to the “Say Hey Kid” and PIMCO’s Total
Return Fund?
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This Week on Treasury Notes: Dismantling the Myths Around Wall Street Reform
Neal S. Wolin, U.S. Department of the Treasury.
In the fall of 2008, a financial crisis of a scale and severity not seen in generations left millions of Americans unemployed and resulted in trillions in lost wealth. Our broken financial regulatory system was a principal cause of that crisis. It was fragmented, antiquated, and allowed large parts of the financial system to operate with little or no oversight.
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OTC derivatives comments from ISDA officers: Troubling aspects of the Dodd-Frank Act
ISDA, derivatiViews
There was a premiere in Washington on October 14, though you might not have read about it in the arts and entertainment pages. Connie made his first appearance on the Congressional hearing stage, representing ISDA and its members before the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Committee on Financial Services.
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Industrial production increased in September
Federal Reserve
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Signs of Dissent: The Debt Crisis Is Haunting the World
The Atlantic
Welcome back to The Atlantic's Signs of Dissent Project, where we bring economic context to some of the most provocative signs of the Occupy Wall Street movement. To date, we've used OWS signs to explain the student-loans crisis, the runaway wealth of the top 1%, and the 47 percent of Americans who don't pay federal income taxes, who are targeted in the backlash movement "We Are the 53 Percent." Yesterday, we also documented the globalization of the OWS movement, which sprung up in various forms of protests around the world, including New Zealand, South Korea, Hungary, Mexico, and Canada.
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Germany Lowers Expectations for E.U. Summit
By STEPHEN CASTLE AND LIZ ALDERMAN, The New York Times
At the start of a crucial week for the euro, Germany sought Monday to play down expectations of a decisive breakthrough at a summit meeting of European Union leaders this weekend, indicating that an emerging five-point plan designed to end the euro zone’s sovereign debt crisis could take months to implement.
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Improvement in US mortgage delinquencies ends
By Tom Braithwaite and Shahien Nasiripour, FT.com
The improvement in US mortgage delinquencies has flattened or reversed, according to quarterly earnings from three of the four biggest US lenders, sparking fresh fears over the resilience of the American consumer.
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World Bank: India Needs to Pursue Reforms to Boost Investment Flows
WSJ.com
India needs to pursue reforms to boost investment flows and help keep its exports competitive, a senior World Bank Group executive said.
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Obama seeks votes on jobs, piece by piece
By JULIE PACE, AP
Rolling through small Southern towns in a campaign-style bus, President Barack Obama on Monday pressed lawmakers back in Washington to start taking up pieces of his rejected jobs bill and mocked the Republicans who had shot it down in total. The Senate moved to vote soon on one part, a plan to help states hire teachers, but the proposal seemed doomed.
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ECB Staff Grade Trichet
By Brian Blackstone, WSJ.com
As Jean-Claude Trichet enters the last two weeks of his European Central Bank presidency, economists across Europe have been giving their thoughts on his performance over the past eight years on everything from controlling inflation to stabilizing financial markets.
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IMF's Chief Lagarde: European Banks Must Strengthen Capital
WSJ.com
Christine Lagarde, the managing director of the International Monetary Fund, Monday said European banks must strengthen their capital.
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Pimco, the World's Biggest Bond Fund, Apologizes To Investors for “A Bad Year"
Economy Watch
Bill Gross, manager of the world’s biggest mutual fund, has apologized to Pimco investors for his poor performance.
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G.17: Industrial production increased 0.2% in Sept after having been unchanged in Aug
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Europe’s Last Stand Needs Overwhelming Firepower: View
Bloomberg
Europe is heading for what could be the last stand in its two-year-old sovereign debt crisis. By the time the Group of 20 nations holds its summit in Cannes, France, on Nov. 3-4, the European Union aims to have a rescue plan sound enough to ensure the financial troubles of struggling governments don’t bring down the banking system.
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Federal Reserve Bank of New York: Back to the Future: Revisiting the European Crisis
Paolo Pesenti, Federal Reserve Bank of New York
Recent financial developments are calling into question the future of regional economic integration. Market confidence deteriorates across countries in a contagious way.
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Institutional investors looking for ways to squeeze yield out of cash
Pensions & Investments
The high cost of cash is ushering in the next generation of liquidity management.
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Constraints Seen for Market Makers Under Volcker Rule on Trading
By Nina Mehta, Bloomberg
Confusion about what constitutes proprietary trading under the Volcker rule may spur banks to reduce market making for customers, according to Craig Pirrong of the University of Houston and Thomas Gira of the Financial Industry Regulatory Authority.
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RBS investment bank unit targets tech and market data in cutback plans
In an internal memo to staff, obtained by the BBC, Chris Kyle, chief financial officer, global banking and markets, RBS, outlines a range of cutbacks for the rest of the year at the struggling bank, which is 83% owned by the taxpayer.
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Geithner Says US Will Help Europe Through IMF
Jamila Trindle, Dow Jones Newswires
The U.S. will help European countries deal with the debt crisis through the International Monetary Fund rather than with direct U.S. funds, Treasury Secretary Timothy Geithner said Friday.
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EU Given a Week to Fix Crisis as G-20 Warns of Global Threat
BusinessWeek
European leaders have one week to settle differences and flesh out a strategy to terminate their sovereign debt crisis as global finance chiefs warn failure to do so would endanger the world economy
http://jlne.ws/qkB4Pj
Citigroup Appoints Michael O'Neill Chairman of Citibank NA
BusinessWeek
Citigroup Inc., the third-biggest U.S. lender by assets, appointed company director Michael O'Neill as chairman of the board overseeing Citibank NA, its primary banking subsidiary.
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