Most Read on Bloomberg: El-Erian Bows Out, Stocks Keep Tumbling
The following list comprises the most-read Bloomberg News reports from the past week.
Lists are based on daily statistics through Friday.
1. Gross Heir Apparent El-Erian Quits as Pimco Sees Redemptions
Jan. 22 (Bloomberg) -- Mohamed El-Erian, widely viewed as the successor to Pacific Investment Management Co.’s Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world’s largest bond fund.
2. Shocked Gross Told El-Erian ‘Hell No’ Seeking to Stop Departure
Jan. 23 (Bloomberg) -- When Mohamed El-Erian first told Bill Gross several weeks ago that he wanted to leave to “recharge the batteries,” the co-founder of Pacific Investment Management Co. was “shocked” and “discouraged.”
3. Stocks Fall as Slide in Emerging Markets Sends Bonds, Yen Higher
Jan. 24 (Bloomberg) -- Global stocks tumbled the most since June, as the biggest drop in emerging markets in two months prompted investors to seek havens in Treasuries, German bunds and yen. Natural gas reached a three-year high.
4. U.S. Stocks Tumble as Treasuries Rise With Gold After China Data
Jan. 23 (Bloomberg) -- U.S. stocks slumped, with the Dow Jones Industrial Average sliding to the lowest close in a month, while Treasuries rose after a gauge signaled contraction in Chinese manufacturing. Emerging-markets equities slipped and the dollar retreated while gold and natural gas climbed.
5. Buffett Leans on 29-Year-Old Cool to Oversee Problem Children
Jan. 22 (Bloomberg) -- When Warren Buffett bought half of a commercial mortgage finance company in 2009, he hired a 25-year-old fresh out of business school to keep tabs on the investment.
6. Deutsche Bank Foresees Challenging 2014 After Surprise Loss
Jan. 20 (Bloomberg) -- Deutsche Bank AG, Germany’s biggest bank, said this year will be challenging after a surge in legal costs and lower debt trading revenue spurred a surprise fourth-quarter loss. The shares slumped.
7. Credit Suisse Bonuses to Include Bonds That Can Be Wiped Out
Jan. 24 (Bloomberg) -- Credit Suisse Group AG, the second-largest Swiss bank, is paying part of 2013 bonuses to top employees in bonds that can be wiped out if the firm fails to maintain enough capital.
8. Contagion Spreads in Emerging Markets as Crises Grow: Currencies
Jan. 24 (Bloomberg) -- The worst selloff in emerging-market currencies in five years is beginning to reveal the extent of the fallout from the Federal Reserve’s tapering of monetary stimulus, compounded by political and financial instability.
9. Sandberg Becomes One of Youngest Billionaires in the World
Jan. 22 (Bloomberg) -- Sheryl Sandberg’s fortune surpassed $1 billion yesterday after Facebook Inc. closed at a record.
10. Buffett Backs $1 Billion Prize for Quicken Loans in NCAA Bet
Jan. 21 (Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is backing a $1 billion prize offered by Quicken Loans Inc. if a contestant predicts the winner of each game in the National Collegiate Athletic Association’s men’s basketball tournament.
1. Dad, Someday Can I Grow Up to Be Too Big to Fail?: Jonathan Weil
Jan. 23 (Bloomberg) -- Now I understand what it means to reach the pinnacle of achievement as an American investor.
2. Is Obama Right About Pot and Alcohol? Yes and No: Stephen Mihm
Jan. 24 (Bloomberg) -- President Barack Obama recently took some heat for saying that marijuana is no worse than alcohol, and perhaps less dangerous “in terms of its impact on the individual consumer.”
3. Prosecutors Pulled Punches, Wall Street Walked: William D. Cohan
Jan. 22 (Bloomberg) -- One of the most disturbing realities of the 2008 financial crisis is that no Wall Street executives have been held accountable. After searching more than five years for the reason some people have gotten away with the financial equivalent of murder, I think I have finally figured it out: It’s the revolving door, stupid.
4. Robert Rubin Has Weird Notions About Accounting: Jonathan Weil
Jan. 21 (Bloomberg) -- Robert Rubin, the former Treasury secretary and one-time chairman of Citigroup Inc.’s executive committee, has put forth an odd idea for new accounting standards. Speaking last week at a conference on climate change, he said that companies should be required to include environmental costs that they impose on the rest of society as expenses in their own earnings reports.
5. Why Gandhi Heir Could Lose More Than a Throne: Hartosh Singh Bal
Jan. 20 (Bloomberg) -- Rahul Gandhi’s friends seem to have no more confidence in him than his enemies do. Although he is the unquestioned heir apparent of India’s storied Congress Party, and will lead its election campaign this spring, the party last week refrained from anointing him or anyone else as its official candidate for prime minister.
1. Canada Keeps 1% Key Rate, Future Moves Depend on Data
Jan. 22 (Bloomberg) -- Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Tiff Macklem speak at a news conference in Ottawa about the nation’s economy and the central bank’s Monetary Policy Report.
2. Winter Storm Disrupts Northeast Commutes With Snow, Ice
Jan. 22 (Bloomberg) -- A winter storm that grounded thousands of flights and made traveling treacherous last night will wind down along the U.S. East Coast today and turn toward the Canadian Maritimes.
3. Buffett Grooms New Leaders Including 29-Year-Old Protege
4. Goldman’s Matsui Says Womenomics Key to Abe Growth Plan
Jan. 22 (Bloomberg) -- Kathy Matsui, chief Japan strategist and co-head of economics, commodities and strategy (ECS) research in Asia for Goldman Sachs Group Inc., talks about her career and interest in gender issues that is at the core of her research into “Womenomics.”
5. Pimco’s El-Erian Resigns, Hodge to Take CEO Role
Jan. 21 (Bloomberg) –- Bloomberg’s Julie Hyman reports on Mohammed El-Erian resigning as head of bond-fund manager Pimco.
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