Gundlach said disgruntled Credit Suisse bondholders should ‘look in the mirror.’
in rival UBS Group’s rescue deal should “look in the mirror” and put on their “big boy pants” instead of griping about regulators.
Gundlach, the CEO of DoubleLine Capital, had little sympathy for bondholders following revelations that Credit Suisse’s additional tier 1 bonds would be subject to a “complete write-down” in the UBS deal – meaning their investments were worthless. “Bloomberg reports the gunslingers who foolishly kept holding Credit Suisse’s bail-in bonds are angry they are being wiped out,” Gundlach tweeted.
“Seriously? Put on your big boy pants and look in the mirror. That’s where the ‘blame’ lies. Learn how to manage risk!” he added.“Members of my investment team met with a very significant asset allocator last Wednesday, who reported that ALL of their ‘distressed debt’ managers opined that Credit Suisse’s bonds were ‘money good’, meaning would return par,” Gundlach said. “Only off by 100 points. To quote Rick Perry: ‘Oops.
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