Chriss W. Street

Latest News

PIMCO Hemorrhaging $198 Million an Hour in Redemptions

PIMCO has acknowledged that $23.5 billion of investors’ cash was withdrawn last month. It is my estimate that at least $19 billion or more of the liquidations followed legendary Pacific Asset Management (PIMCO) bond manager Bill Gross out the door after he left the firm on September 26 to avoid being terminated.Despite having almost $2 trillion of investor cash under management according to the firm’s website, PIMCO appears to be bleeding-out at the rate of $198 million an hour over a four-day period. Oct 2, 2014 10:26 AM PT

Will Start-up 'Ello' Make Facebook take a Faceplant?

Facebook has kept ahead of its customers jumping ship by buying 40 companies, including its $19 billion acquisition of WhatsApp that worked out to $40 per WhatsApp user. But Ello could be the right competitive model at a time when many people would like to see Facebook take a “Faceplant.” Sep 29, 2014 5:59 AM PT

The $5.6 Billion Price of Bill Gross Getting Dumped

On September 26, PIMCO's Bill Gross resigned from the firm he built into a $2 trillion world class manager, in order to avoid what the Wall Street Journal described as his impending termination for the abusive treatment of employees. The action rattled markets around the world as the stock value of PIMCO’s parent, Allianz Insurance, tanked by a stunning $4.9 billion. But when mutual fund giant Janus Capital Group announced Gross was taking over their tiny $13 million Janus Global Unconstrained Bond Fund, Janus’ stock went up by $628 million. Sep 29, 2014 5:41 AM PT

California May Face Similar Utility Crisis that Caused Gray Davis Recall

California ranks third in the U.S., behind Hawaii and New Jersey, with 1.1% of statewide electrical power production being generated by customer-sited solar panels. However, a new federally-funded report warns that California could be headed for another electric utility crisis, like the one in 2003 that caused Governor Gray Davis to be recalled. Sep 28, 2014 6:46 AM PT

Does Drought Pricing for Water Violate California Law?

The California Legislature knows that the State Water Board’s unprecedented July 15 decision allowing local law enforcement and water agencies to impose a maximum $500-a-day fines on water wasters is difficult to enforce and is creating a rising backlash against the politicians. Economists from across the political spectrum recommend adding a simple, administrative, punitive surcharge onto water bills. Yet it appears higher rates for water usage are effectively a tax on usage, violating the 1996 voter-approved Proposition 218, requiring voter approval for all tax increases. Sep 27, 2014 7:36 AM PT

Water Districts and Voluntary Conservation Managing the Drought

The CAL WatchDog blog is running a series on the trends in California water use and pricing during the current severe drought. They confirm our August prediction that voluntarily public conservation and agricultural water districts are doing an excellent job responding to the drought. Sep 26, 2014 12:35 PM PT

California's 15 Cent Gasoline Surtax Seems Unstoppable

The California Drivers Alliance, a coalition backed by oil, agriculture, retail, tourism and other industries has tried valiantly over the last three months--running radio, print and digital ads--to generate a groundswell against the so-called “hidden gas tax” that could act as at least 15 cents a gallon surtax on gas prices starting on January 1. Yet with Democrats like Governor Jerry Brown still clinging to climate change politics, the gas tax seems unstoppable. Sep 26, 2014 7:52 AM PT

Security Features Help BlackBerry Dump CrackBerry Image

The BlackBerry Passport smartphone was introduced on September 24th with a full physical keyboard, uniquely square large-screen design that increases the “readability” of web pages and e-mail. The rising attraction for corporate users is that the device’s software and hardware are optimized for a system-wide 256-bit AES encryption, online privacy protection and the ability to remotely locate and lock a phone. Sep 25, 2014 8:02 PM PT

If Silicon Valley Were a State, It Would Be #1 in Job Growth

San Francisco Bay Area job growth is back to the salad days of the dot-com boom. August saw a surge of nearly 23,000 new jobs, the highest since at least early 2000. If Silicon Valley were a state, it would be number in job growth in the nation, led by tech hiring. Sep 24, 2014 5:46 AM PT

Climate Summit: UN Exempts World's #1 Polluter from Stricter CO2 Enforcement

The European Union and United States government-funded Global Carbon Project (GCP) released their latest Atlas that tracks annual CO2 emissions by 196 countries in cooperation with Sunday’s People’s Climate March and President Obama’s keynote speech at the United Nations Global Climate Summit Tuesday. The GCP report warns that man-made global warming is accelerating and names China as the chief culprit. However, GCP blames consumption in Europe and the United States for high levels of CO2 emissions and supports continued UN exemptions from enforcement for China. Sep 23, 2014 7:05 PM PT

Texas Teachers Follows CalPERS in Dumping Hedge Funds

Last week, Breitbart News noted that Texas public pension plans had the highest asset percentage of any state pension program invested in hedge funds, with one plan at almost a quarter of assets invested. It didn’t take long for Texans to start asking questions--such as why 90% of hedge fund managers are overpaid for the returns they produce. On September 19, the Teacher Retirement System of Texas (TRST), the sixth-largest public pension in America, announced that it is, like California's CalPERS, dumping some hedge funds. Sep 21, 2014 3:24 PM PT

Silicon Valley May Be Liable for Huge Labor Claims

The benefit of a corporation opting for 1099 contractors over W-2 wage-earners is obvious for the employer. It lowers your employment costs, because contract workers aren’t eligible for health benefits, unemployment insurance, worker's compensation, or retirement plans. And contractors also don’t need to be fired if they fail to perform or the company wants to do a mass layoff. Sep 18, 2014 1:39 PM PT

US Jobless Claims Fall, Percentage Receiving Benefits Lowest Since 2006

The number of Americans filing new claims for unemployment benefits fell by more than expected last week, suggesting that a sharp slowdown in reported job growth during the prior month has not derailed the strong trend in employment growth in the U.S. economy. Sep 18, 2014 12:51 PM PT

CalPERS Dumps Hedge Funds: High Fees & Lousy Returns

Once, CalPERS, as an international leader in public sector investments, led public pension plans to embrace hedge fund investing fully. Yet after suffering high fees, lousy returns, and fraud, many of those same plans will follow CalPERS in dumping hedge funds. Sep 17, 2014 8:08 PM PT


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