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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Broken_Clock who wrote (337404)6/26/2007 7:55:01 PM
From: Giordano Bruno  Read Replies (1) of 436258
 
Bill Gross, the chief investment officer of Pacific Investment Management Co., or PIMCO, on Tuesday lambasted rating agencies for failing to warn investors about the riskiest segments of the U.S. credit markets, saying they were wooed by "the makeup" and "six-inch hooker heels..."

...Gross said there are hundreds of billions of dollars of subprime residential mortgage-backed securities (RMBS), derivatives on subprime RMBS and collateralized debt obligations (CDOs) that buy subprime RMBS and/or the derivatives on the RMBS -- all of which he considers "toxic waste."

reuters.com
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