The public-to-private sector “revolving door” has crossed into the macabre twilight zone.
Moments ago an announcement by giant bond manager (technically, these days “merely above average height” bond manager, considering the collapse in the TRF’s AUM since Bill Gross’ departure over a year ago) revealed that public service cronyism is not only alive, but has never been better, when in a press release it reported that former Fed Chairman Ben Bernanke, ex-U. K. Prime Minister Gordon Brown, and former ECB president Jean-Claude Trichet will form the backbone of a “global advisory board” at Pimco.
Bernanke, Trichet and Brown, along with Ng Kok Song, former chief investment officer of Singapore’s GIC Pte, and Anne-Marie Slaughter, an ex-director of policy planning for the U. S. State Department, will provide Pimco their ‘collective view on global economic, political and strategic developments and their relevance for financial markets,’ the Newport Beach, California-based firm said in a statement Monday.
Translation: PIMCO is absolutely clueless how to trade in these centrally-planned markets and is hoping that those who created said “markets” can share some insight on how to actually generate some profits instead of suffering 14, or is it 15 consecutive months of PIMCO Total Return Fund capital outflows, where the Bill Gross departure may have been the worst thing to ever happen to the Newport Beach-based bond fund.
This post was published at Zero Hedge on 12/07/2015.
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