A not-so-merry Christmas from Bill Gross

The U.S. entered a recession in December, says the bond fund manager. And hedge funds are a con!

By Andrew Leonard

Published December 21, 2007 10:54PM (EST)

The Financial Times reports that Bill Gross, founder and chief investment officer of Pimco, the world's largest bond fund manager, believes the U.S. went into recession in December. Ho ho ho. Merry Christmas.

But his best comments are saved for his peers on Wall Street.

[Gross] had stern words for hedge funds, describing them as a "con." A hedge fund, he said, was "an unregulated bank. A bank isn't a con but a bank is a regulated entity. A hedge fund is not ... it's been a con on the government in terms of their unwillingness to regulate the industry."

When bond fund managers train their sights on hedge fund traders ... well, I can't wait until next year!

Andrew Leonard

Andrew Leonard is a staff writer at Salon. On Twitter, @koxinga21.

MORE FROM Andrew LeonardFOLLOW koxinga21LIKE Andrew Leonard

Related Topics ------------------------------------------

Globalization Great Recession How The World Works U.s. Economy