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Wednesday, March 12, 2014

Is Bill Grossly Overpaid?

News summary by MFWire's editors

Now they're aiming for his pocketbook.

After a a Reuters story in which Pimco co-founder Bill Gross allegedly claimed to be monitoring the calls of departing CEO Mohamed El-Erian, (later vigorously denied by a Pimco spokesperson), a long-time Pimco trustee is now questioning Gross' $200 million annual salary.

In an interview with the L.A. Times, 23-year trustee William Popejoy told L.A. Times reporter E. Scott Reckard that "You could hire 2,000 schoolteachers for that money, I don't know what Bill should be paid, but $200 million is not appropriate."

Also, when referencing a hard-hitting WSJ chronicling the escalating tensions between Gross and El-Erian, Popejoy said that Gross's managing style was "bullying, if what I read is true."

"You just can't treat people that way and expect things to be OK," Popejoy said to Reckard in the L.A. Times article, "You have to treat people with respect."

Popejoy's L.A. Times' comments caught the attention of a number of other publications, including the Wall Street Journal.  

Edited by: Tommy Fernandez

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