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Rating:Gross Gets Dragged into the Lehman Mess Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 11, 2008

Gross Gets Dragged into the Lehman Mess

Reported by Erin Kello

Bill Gross did his part yesterday to try and stop Lehman Brothers' fall. The Pimco chief investment officer and famed bond-picker appeared on CNBC Thursday afternoon to dispel rumors that the bond giant had stopped trading with Lehman. Gross said that Pimco's relationship with Lehman has not changed and that his company continued to accept Lehman as a counter-party and has not reduced its risk to Lehman.
In a separate interview, Gross told the Wall Street Journal that Pimco went into the market on Thursday to purchase Fannie Mae debt. He is also quoted as saying that a collapse of Fannie would set off "a firestorm of intolerable proportions." 

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