Bil Gross of PIMCO fame (soon to be infamy?) wants in on the gang rape of the American taxpayer, and he even has shaved for the occasion. Quote: "PIMCO would not dispute the need to further capitalize systemically important banks via convertible bonds held by the government, which unfortunately dilute shareholders’ interests. To go further, however, and “haircut” senior debt or even existing preferred stock similar to that issued via the TARP would create an instability policymakers should not want to risk." The much worse news is Bernanke seems to be buying this (badly-)flavored sewage. By now, probably the only entities with exposure to Shittygroup are probably AIG, the Fed, and PIMCO, judging by Gross' Quagmire-ish horny groveling. He deserves not a haircut, not a mustache shave, not a Brazillian bikini wax, but a full-blown beheading, along with anyone dumb enough or cheeky enough to be still exposed. There was plenty of time to pull out, pun very much intended. Yes, I know, a whole lot of pension funds and insurance companies would take a size 16 boot in the crotch (like they have not already!), and the boomers - the richest generation in human history - will be able to spend less on golf and cruises. I am fresh out of sympathy - let them check again when they prove they can behave as adults and vote into office something higher on the evolutionary ladder than toe fungi.
Read also about Gross' "shake hands with Uncle Sam" pickup line, and excuse me while I throw up and take a two-hour shower, which I know will not make me feel any cleaner or less violated.