If this doesn't piss you off, then me writing a rant about it won't do any good either. Read it and weep:Pimco's Total Return Fund Has Record Day
NEW YORK -- The world's biggest bond fund, Pimco's Total Return Fund, had its best ever day on Monday relative to its benchmark index as prices of mortgage-backed securities rose after the government seized control of mortgage finance agencies Fannie Mae and Freddie Mac.
"Our mortgage overweight and the performance of mortgages on Monday gave the Total Return fund its greatest one day relative performance (compared to our index) in its history," Bill Gross, chief investment officer of Pacific Investment Management Co. told Reuters on Tuesday...
Let's see, buy up crappy assets. Lobby the federales to backstop said crappy assets. Pocket huge gain without any productive labor.
Current events sound more and more like anecdotes out of Atlas Shrugged every day.