Gain. Bill gross, the bond king, the man who could move markets and often compared to peter lynch is leaving the firm he founded more than 40 years ago. He is heading to janis Capital Group where he will manage a new bond firm. This sparked a knee jerk sell off. The total return etf fell slightly and morning star placed all funds under review. But at janis, it stock forward 30 . The Parent Company was down 6 in germany. For many, these are a mainstay. Who is bill gross . Why is he so important and how did he get to the point of leaving the firm he founded . Jane wells has more. Washington package. Bill gross has been king of the world, making investors oodles of money. Starting the Largest Bond Fund in the planet, averaging nearly 8 annual returns since inception. Hes a true giant in the industry. A true legend. A familiar face to nbr viewers is stepping down as ceo and cochief investment officer. In january, grosss heir apparent abruptly left. We got along real well. Investors didnt l
It is a monday here in new york city. I am Erik Schatzker. I am Stephanie Ruhle. You are indeed. Butver the weekend, not one two producers celebrated their birthdays and neither one invited eric or i to celebrate. What does that say about the Market Makers team . We are going to begin the show with the top stories from around the world. In hong kong you have probably seen the footage already, thousands of protesters jammed the streets and battle with police. Police used tear gas and pepper spray on these protesters, who are angry about chinas plan to control the 2016 leadership election and what they say is a broken promise when hong kong was returned to the chinese. Ears ago another shakeup at american apparel, the struggling clothing chain. An interim ceo has been named. He has had other in terms jobs for retailers. American apparel is looking for a permanent ceo to replace their ousted ceo. To a persong familiar with the matter Investment Bankers are barred from trading individual s
These are the top stories in business and finance at this hour. China is given Global Markets a booster shot in a surprise move, Chinas Central Bank cut is bench mark Interest Rates for the First Time Since 20 12 the one year lending rate was reduced to 5. 6 . China is on track for its slowest annual growth in more than two decades. Stocks around the world shot up on that unexpected move out of china and comments from the e. C. B. President. He said Inflation Expectations in europe have fallen to a excessively low level and the e. C. B. Must find a way to get prices rising as quickly as possible. The inflation situation has also become increasingly challenging. Headline infrustration has fallen significantly over the last year. Last november it still today as 0. 9 . This was low, but it was generally expected to rise safely above 1 by now. Draghi is trying to keep europe from sliding into a japan style deflation anywhere spiral. Hours after his speech, the e. C. B. Said it is the gun b
Access on cspan, cspan2 cspan radio and cspan. Org. Recently the Federal Reserve and Consumer Financial Protection Bureau removed some lending restrictions on small banks. Next the Senate Banking committee looks at Community Banks and federal regulations. Richard shelby of alabama chairs the hearing. Next the Senate Banking the hearing will come to order. This week the committee here on banking begins an examination of potential changes to the current regulatory structure. Today we will focus on regulatory relief for smaller Financial Institutions. In the near future we will continue this examination by focusing on unnecessary statutory and regulatory impediments across the Financial Services spectrum. While there are some who continue to argue that current law is beyond reproach, there are many on both sides of the aisle that believe improvements can and should be made. Today we will hear from regulators on some of the lessons theyve learned and how best to overcome some of the challe
Representatives came. In the 1850s, they had to put on the wings. By the 1870s, they were crowded. They couldnt find space for the sn senators to work. Offices were their discs in the chamber. Of course, they were constantly besieged there. So eventually they kept adding space to the capital. They built terraces in the 1870s and added extra rooms and that p wasnt enough. In the 1890s, they bought an old apartment house, which is down constitution avenue about where the taft stands today. For a while, senators moved in there, to the envy of many house members, because that gave senators private offices, at least some of the senators. But the building had been built as an apartment house, not an Office Building. The weight of an Office Building was too much. It began to sink. The elevator shaft was seven inches lower by the time they moved out. That was pulling the floors apart. It was unsafe. It was a fire trap. It was very uncomfortable. People complained about it. It would have been e