PIMCO’s Bill Gross: Rating Agencies Are Not Useful Anymore
May 05, 2010 at 11:51 AM EDT
Bill Gross, who manages Pacific Investment Management [PIMCO], the world’s biggest bond fund with assets under management of some $220 billion, believes that credit rating agencies are no useful anymore. The big three rating agencies, S&P, Moody’s (MCO) and Fitch “no longer serve a valid purpose for investment companies free of regulatory [...]