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O.C. firm getting slice of bailout billions
October 9th, 2008, 7:27 am · 7 Comments · posted by Jon Lansner
Newport Beach-based money manager Pimco appears to be getting a slice of the money-management business that emerges out of the $700 billion bailout money recently OK’d by Congress and signed into law by President Bush:
- The Federal Reserve Bank of New York says …
“… it is in discussions with PIMCO regarding asset management services in support of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve’s existing credit facilities to help provide liquidity to term funding markets.”
- Bloomberg News says:
Pacific Investment Management Co. and BlackRock Inc. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the Treasury’s $700 billion financial-rescue program, people familiar with the matter said. State Street Corp. and Bank of New York Mellon Corp. bid to handle record-keeping and custody services for the Treasury, said the people, who asked not to be identified because the process is private. MORE HERE!
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I just have one question, I am in debt with the IRS and the State of CA because times are so tuff, I have to claim Married - 9 on my paycheck just to make ends meet. I keep thinking things will get better, and I can pay back the over-due taxes. Today I owe approx, $10,000.00, mostly due to Penalties and Interest. Thhings just gets worse,
not better, all because of these horrible politicians.
My question is: Can I GET A BAIL OUT? I’m serious. I need only 1 Bail Out, then I can continue to live. If not, I guess I’m done here, and now I can die.
what a bunch crap these ceo’s need to be fired corrupt ba*stards living high on the hog on my money. I make 50,000 a year these ceo’s get 18 million golden parachutes
I agree 100% with str8pimpn. It’s a disgusting, putrid travesty. Our once-great county has completely gone down the tubes.
It is time to replace the persident and congress with people who will defend the Constitution rather than those that will forcibly tax us then give our money to others.
Write the IRS and offer to pay them $500. Say that the the cost of living is out of hand and if you had not with held the additional exemptions you would have increased credit card debt. (you are in a no win situation)
They will usually take the low offer if they beleive you are in ernest.
Yes, clean out the House, Senate and White house. They are dirty.
It makes perfect sense now. Bill Gross was on the rubber chicken circuit all last week pumping up the bailout bill. Now we find out that Pimpco is getting a piece of the action. What a shocker! It was supposed to infuse immediate confidence in the market and save our 401-K’s. It was pumped as a bill for the average guy on ‘Main Street’. SInce then the DJIA has fallen 2300 points and over 20% since the bill was signed last Friday. What a heist! And John Campbell had the nerve to describe those of us who were opposed to the bill as ‘unsophisticated’. ha-ha. You just can’t make this stuff up!