Pimco's leading fund has worst day in three years

09/18/2008 | Reuters

As AIG suffered and flailed, Pacific Investment Management's Bill Gross had his worst day in three years because his principal bond, Pimco Total Return Fund's PTTRX, was down 1.38% on Tuesday. Pimco sold credit-default swaps that guarantee $760 million of debt issued by AIG, which Pimco would have had to pay out had AIG filed for bankruptcy. Just last week, Pimco had its best day when the government took the reins of Fannie Mae and Freddie Mac.

View Full Article in:

Reuters

Published in Brief: