The Great Restructuring of Bonds by Pimco

Pimco executives are literally walking into bank offices in chicago saying, ie, hand over your cheapest delivery bonds. And they're like, we don't have enough of them. The one that really jumped out at me was something which i'd totally forgotten from two thousand eight. They built up a blocking percentage in a gemac bond and wanted to restructure it dets. In this case, it was pimco who was like, we are not going to let you re structure the bonds. You're going to have to declare bankruptcy. It's kind of fun to write about all that is not supposed to happen in mutual funds with the us.