arguments

Reason Number One the abrupt departure of Pimco Chief Executive Mohamed El-Erian will not only not hurt the firm but will in fact help it: the old structure of having one chief investment officer sucked. The new structure of having six deputy chief investment officers rocks.

Reason Number Two Pimco 2.0 will make Pimco 1.0 look like a “Before” picture: seating arrangements.

Reason Number Three El-Erian did everyone a favor by leaving: because Bill Gross has an exclamation point that says so. Read more »

Former SAC Capital Advisors LP fund manager Mathew Martoma was portrayed by his lawyer as the victim of a “rush to judgment” by prosecutors looking to use him to bring insider-trading charges against his former boss, Steven A. Cohen…“Mathew was just a grain of sand in their haste to make a case against someone who is not even in this courtroom: Mathew’s boss, Steven Cohen,” Richard Strassberg said in his closing argument yesterday in Manhattan federal court. [Bloomberg]

Q: You couldn’t have not known what was happening. The central figure, the former deputy chief of staff Bridget Kelly, was one of your own most senior aides. A: …The fact that every day, 65,000 people have letterhead with my name on it and I don’t know what they’re doing all day. Now I understand that people say well, this isn’t one of the 65,000 — this is someone in your office. You know, the fact is, as I said at the press conference, Matt, if someone doesn’t tell you the truth, there is often very little you can do in reaction to that. So, no, anyone who would say that has no appreciation for what it’s like to be governor or, frankly, chief executive of any kind of major organization. That’s like saying any of these folks who’ve been in trouble in the banking industry, like the JPMorgan Chase thing – how could Jamie Dimon not have known about a trade that was being put on by a trader in London? Well, you know, I think it’s fairly safe to say that Jamie Dimon didn’t know that a trade was being put on, and that when people lied about it, he didn’t know they were lying. So it happens. [Matt Bai via BI]

Juerg Buergin only pays of age women for sex, ergo that girl took advantage of him, says lawyer. Read more »