BIG NEWS: PIMCO — the somewhat troubled investment firm lead by Bill Gross — has hired Paul McCulley to be its chief economist, the Wall Street Journal reports.
McCulley had previously been at PIMCO, but left in 2010.
McCulley is one of the smartest, most interesting thinkers around. And his departure form PIMCO in 2010 has been associated by some (like Paul Krugman) to a dropoff in the firms’s performance and understanding of the economy.
Lately PIMCO has run into some troubles (the departure of co-CEO Mohamed El-Erian and embarrassing revelations about Gross) but this is a good hire.
Meanwhile, we’re looking out for his new headshot, and hoping he hasn’t cut his hair.
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