You heard the man.
After months of growing outcry by critics, analysts and investors over Pimco's
highly-publicized woes, Allianz
CEO Michael Diekmann
has taken a stand in defense of the troubled bond giant.
During a shareholder meeting today in Munich, Diekmann reportedly told investors that "There is no reason to rake us over the coals," according to the Wall Street Journal
. The article also quotes Diekmann as saying that ""Allianz will do anything sensible to strengthen Pimco further."
Diekmann's stalwart defense of Pimco garnered the attention of a variety of news outlets, including Bloomberg
, and the Wall Street Journal
In the International Business Times
Diekmann reportedly declared that "Responsibilities within Pimco have been redistributed and clearly regulated. They now lie on more shoulders."
To-be-sure, investors were ready to grill Diekmann and others over the coal, indeed, according to CNBC
, and Reuters
over such issues as the purported personality conflicts between Pimco co-founder Bill Gross
and the former CEO Mohamed El-Erian
, as well as ongoing redemptions of Pimco funds.
Was Diekmann right to defend Pimco and Gross? Was this a matter of principle, or of strategy? Was Diekmann simply standing up to people who would interfere with how Allianz runs its affairs?
Maybe it doesn't matter, Diekmann made his stand and that is that.
The only real question is whether it will pay off for Allianz in the end.
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