As those of you who follow the news out of Newport Beach, California know, the past couple months have not been the best for Bill Gross. First, Pimco co-CEO Mohammed El-Erian announced that he would be parting ways with the bond giant. Then, the Wall Street Journal detailed his “What the fuck are you looking at” management style, in an article that also revealed Gross’s nickname for himself: Secretariat. Next, Reuters refused to print his theory that El-Erian had penned the Journal story himself, and instead made him not look great by quoting him as saying that El-Erian was waging a campaign to undermine him and that ME-E had Reuters “wrapped around his charming right finger.” Along the way, people have offered up suggestions re: how you solve a problem like Bill Gross, which have included not investing with him, slashing his $200 million/year salary, teaching him remedial strategies for acting like a sentient human being who would not admonish someone for daring to look him in the eye and, most recently, putting him out to pasture.
So what should Bill be paid? “Nothing,” believes one senior executive at a rival investment house, who asserts – like many others – that it is perhaps time for Mr Gross to part ways with the company he set up in 1971. “He needs to walk,” he says. A senior adviser at a competing US asset manager adds: “Personally, I find it wholly inappropriate that any one person should take home such a staggeringly large amount in any business. He is now 69 and in many industries this is regarded as being beyond retirement age.”
Secretariat, for example, only worked until he was 19.