Just a couple of years ago, Mohamed El-Erian was one of the most powerful financiers in the world, overseeing nearly $2 trillion as CEO of Pimco. Now, he’s, uh... well, he has a Fitbit?
Bill Gross, the head of bond firm Pimco, was paid $290 million last year—and then got fired this year! Everybody knows that the financial world is the purest example of pay accruing to winners solely by merit.
Bill Gross is the billionaire head of the enormous bond fund Pimco and one of the most influential men in finance. But Bill Gross's 25-year-old son, Nick, is pure 100% rocking and rolling.
Mohamed El-Erian recently announced he's leaving as CEO of the bond firm PIMCO. Not to worry, investors: the company says "we are a better team at this moment than we were before." Soooo... why was El-Erian getting paid $100 million a year, then?
• Employees at Goldman Sachs can expect the "biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year." [Guardian]
• Banks like Merrill Lynch, UBS and Citigroup are "hiking pay for their top investment bankers in an attempt to stop an exodus of talent." [FT]
• Bill Gross of Pimco…
