‘Gross’s exit — an event that, not long ago, would have seemed unthinkable — unleashed a crisis that Pimco is still trying to contain. His departure was followed by record withdrawals from the mutual fund he once ran, and which he built into the world’s biggest. Competitors swooped in, poaching clients from a firm that oversaw more assets in bonds than any competitor ever did. The government reached out to financial firms to ensure Gross’s departure didn’t destabilize the $100 trillion bond market.
“Money, big money, personal egos, differences of opinion, slights and disagreements built up over 10 or 15 years — that’s a pretty explosive combination.”’