Bill Gross’s ouster from the bond-trading empire PIMCO was partly triggered by his insulting his boss with an F-bomb, according to a new memoir recounted by the billionaire.
Germany-based investment giant Allianz bought PIMCO in 2000, nearly 30 years after Gross founded it. Gross’s relationship with Allianz was often strained, but the tension reached a whole new level in 2014 when, during a meeting to discuss bonuses for top executives, Gross told Allianz CEO Michael Diekmann that “F – K OFF”.
Yes — the profanity is excerpted from Gross’ new, uninhibited memoir “I’m Still Standing,” which he’ll self-publish on Amazon on Tuesday. And that’s right – the book is completely capitalized.
Gross says he’s supporting a traditional publisher for the book because he wants more editorial control and wants to move quickly. Indeed, “control” seems to be a recurring theme throughout the book.
“I wanted to show that we were in control and we were first at the table,” Gross wrote of the incident with Diekmann. “At 72 years old, I doubted I was indispensable, but it was ‘F*** OFF’ and other problems that sealed my fate.”
Gross will release the book even after PIMCO’s attorneys threatened to remain silent that they could sue him for potentially violating his agreement with PIMCO that included a non-disparagement clause.
A source close to Gross said that, in response to the letter, he removed a number of potential “violations”. However, “PIMCO’s lawyers will probably still fight,” the source added.
PIMCO declined to comment.
While Gross admits his behavior cost him; he also suggested the decision to deport him in 2014 cost Allianz “Nearly $500 billion in assets” since investors cashed out when Gross left.
Meanwhile, a major insult he suffered from PIMCO, Gross wrote, was the decision to rename and redecorate the company’s Founders Room, a boardroom at headquarters that features several pictures of him. on the wall.
Gross says that he “payback” by disclosing top-secret information: bonuses received by PIMCO partners.
“I decided that sunlight was a great disinfectant. I made eight copies of the bounty summary and mailed them in a ‘confidential only’ envelope to eight random managing directors at PIMCO,” wrote Gross. screams could be heard from the twenty-first-floor offices occupied by senior executives.
Elsewhere, Gross admitted he might be intoxicated when Treasury Secretary Timothy Geithner called him in 2009 for advice. While the men had never met face-to-face, Geithner called Gross to get his pulse on “what to do with the US economy” – a call that was reported in an article of the New York Times.
“What the article didn’t say was that my cell phone rang after I had a few beers,” Gross said. “I guess alcohol calms me down, but I’m not so sure about that advice.”
Gross left PIMCO in 2014 for the Janus Capital group. At the time, he was criticized for PIMCO’s weak profits and press reports that he was authoritarian and unreliable. Gross sued PIMCO in 2015 alleging that he was ousted by a “greed group of directors” who wanted his stake in the company’s bonus fund and who wanted to get away from super-security bonds. safer and riskier investments.
Gross, whose net worth was estimated by Forbes at $1.5 billion, accused the company of ruining his reputation and demanded $200 million. In 2017, it was widely reported that PIMCO had paid with Gross $81 million that he had donated to charity.
Meanwhile, journalist Mary Childs will release a book on Gross at the end of next month called “The Bond King”. PIMCO and Bill Gross collaborated on fact-checking the book but did not review copies of the manuscript, people with knowledge told On The Money.
https://nypost.com/2022/02/28/bill-gross-claims-he-was-fired-from-pimco-after-insulting-boss-with-f-bomb/ Bill Gross claims he was fired from PIMCO after insulting boss with F-bomb