Pimco, one of the largest bond companies in the world hasn't been redeeming its preferred auction rate security holders. It's still working through the mechanism of how to get the money back. Several of its rivals though seem to have figured it out and are redeeming investors money. Come on Pimco, you guys are smart, make it happen.
Submitted: May 31, 2008
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Comments: 13
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Comments Received:
plankton
(Unregistered)
Here's an excerpt from the last paragraph of Bill Gross's March 2008 "Old Maid" statement:
"PIMCO wants to sit at this more attractive return table – to provide an attractive return on your money (no matter what the asset class) as well as a return OF your money. No Old Maids." (http://www.pimco.com/NR/exeres/4E0F7068-19B8-4B1B-8900-2F8F8C6EA155.htm)
I'm still waiting for the return of my money.
Posted: Jun 1, 2008
pimco to hell
(Unregistered)
Yes, this guys are a bunch of nasty a-holes. They are sitting on my money, making me illiquid and paying me a paltry return while Bill Gross shows his ugly face on CNBC bragging about how his is giving me 4% and taking my money to earn 12% by flipping some sort of government-insured mortgage bonds.
Posted: Jun 2, 2008
Rudy
(Unregistered)
I agree. What the %^%$ are these guys doing. I want my money back. Their credibility is going down the tubes. I will never deal with them again.
Posted: Jun 2, 2008
Pimco will eventually come under pressure to address this problem. While they can legally keep the money, I believe the bad press will force them to find a solution.
Posted: Jun 3, 2008
Crying Babies
(Unregistered)
"Yes, this guys are a bunch of nasty a-holes."
Well, you should have read the disclosures before you put your money into one of their closed funds. Don't blame them, they aren't doing anything wrong. You screwed up.
Posted: Jun 3, 2008
plankton
(Unregistered)
"Its most recent twist involves an asset class known as Auction Rate Preferred Stock and the astounding revelation that its holders didn’t even know they were playing cards to begin with. Holders of ARPS – mostly wealthy investors, but also the likes of Bristol-Meyers and other visible corporations – thought they were holding AAA assets with money market liquidity . . . Whoops! Another Old Maid in masquerade.
"
http://www.pimco.com/NR/exeres/4E0F7068-19B8-4B1B-8900-2F8F8C6EA155.htm
Posted: Jun 3, 2008
plankton
(Unregistered)
Redeemer chart:
http://www.investmentnews.com/apps/pbcs.dll/misc?url=/misc/zoom.pbs&Site=CI&Date=20080609&Category=FREE&ArtNo=401643160&Ref=V2
Posted: Jun 12, 2008
PimpCo
(Unregistered)
Go Pimco. Take our money and lend it out to make a profit. Who cares if we all need it!
Posted: Jun 17, 2008
Pimco = Crook
(Unregistered)
The Allianz family (Pimco & Nic Applegate) is a family of common criminals. If for some reason you decide to do business with them in the future, you'd better pray that your interests happen to be aligned with their interests. If not, you'll be told to pound sand just as all of their "preferred" shareholders are being instructed to do now with their illiquid assets.
It's not in Pimco's best interest to redeem, so they are not redeeming. Preferred shareholder interests are not in alignment with Pimpco's interests. Therefore, preferred shareholders lose.
NEVER DO BUSINESS WITH THESE CROOKS!!!!
Posted: Jul 30, 2008
ChurchHolder
(Unregistered)
I must agree. PIMCO could solve this problem in a heartbeat. It is apparently not in their best interest to do so. Until the Feds bring enough HEAT against them, I do not suspect that they will do anything. We are not their customers, we are there meal ticket. Another pricey lesson. I wonder if preferred holders can force them to sell the assets and, at least, partially reimburse preferreds. Only alternative I can see is to wait on Cuomo or others to BRING THE HEATER.
Posted: Aug 15, 2008
Idea
(Unregistered)
What if the investment bank that ran the auctions bought up all the ARPS for a fund and bid 20% as the interest rate? Would that cause the rate to reset to 20%? If so, PIMCO would redeem real fast.
Posted: Aug 19, 2008
Scammed
(Unregistered)
I am waiting 8 months to redeem my money out of what I was told was a cash account. These people don't even have the decency to keep us notified . They have not made any statements regarding redemptions since May. Other funds are releasing money to their clients. I hope Cuomo puts them all in jail.
Posted: Sep 18, 2008
got ripped off
(Unregistered)
agree, Pimcp owes the monry back. It is not right. I was told was like cash and could get back anytime
Posted: Sep 24, 2008
