In Marketing of a New Mortgage Fund, Pimco Lists Former Bush Officials


Sewell Chan
New York Times
December 16, 2010

     
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WASHINGTON — When Pimco, the huge bond manager, approached investors recently to raise money for a new fund that would buy soured mortgage securities from ailing banks, it promoted its expertise by listing several former top Bush administration officials and Alan Greenspan, the former Federal Reserve chairman.

In a confidential presentation to investors, Pimco listed as either consultants or employees an all-star constellation of former federal officials, including Mr. Greenspan; Joshua B. Bolten, who was White House chief of staff under George W. Bush; and Neel T. Kashkari, who ran the Wall Street bailout program for the Treasury department.

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Those former officials, as well as others hired by Pimco, helped set national economic policy during the run-up to the financial crisis of 2008, which was prompted by the collapse of the housing market.

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