Borrowing From the Future

In his January Investment Outlook, PIMCO's Bill Gross identifies elements of Ponzi-like deception that were brought to the surface in 2008's financial disasters. While Bernie Madoff's fraud is an obvious example, Gross takes a hard look at the deceptive and fatuous assumptions in Option Adjustible-Rate Mortgages, bond credit ratings, the auto industry, hedge funds, and the government's Social Security and Medicare liabilities.

Please click here for PIMCO's Investment Outlook.

Scott Middleton