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Friday, March 26, 2010

I Wanna Be a Money Center Bank

“If I could come back as any corporate entity in my next life it would be as a money-center bank,” said Kiesel, who oversees $300 billion of credit investments from Newport Beach, California. “You can borrow money at virtually zero, you make prudent loans and you basically earn that spread.” (Mark Kiesel, global head of corporate bond portfolio management at Pimco).

Duh! Not only are you privy to a sizeable subsidized spread but also, if the risks don't play out, the American taxpayer bails you out and even pays your bonuses! Come on, what's not to like?
Posted by Robert Wasilewski at 7:47 AM

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