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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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From: Secret_Agent_Man11/6/2008 4:54:55 PM
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Rick Santelli was having his usual early morning argument with Steve Liesman when he said "PIMCO was orchestrating the commercial paper market" to make it look like the credit markets were healing. One of the guests on CNBC this morning just so happened to be Paul McCulley from PIMCO, he immediately and vigorously denied "orchestrating" the CP market. Now here is the good part!!! Mr. McCulley said "we are not orchestrating, we are MANAGING THE COMMERCIAL PAPER MARKET FOR THE N.Y. FEDERAL RESERVE!!! How good is this? In just one exchange, market manipulation is alleged and denied but passed on to the N.Y. Fed. So I guess "we're not doing it, we're just doing what we're told by the Fed" is all we need to know! I know it must be 5 O'clock somewhere, please pour me a tall one!
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