Wall Street's 'Bond King' Steps Down

The founder and chief investment officer of the trillion-dollar bond fund PIMCO has stepped down. Bill Gross, who was known both for his moniker “The Bond King” and his $200 million salary, has left for Janus Capital. The news comes after Gross has a terrible year, as his PIMCO Total return fund has seen 16 straight months of outflows totaling $68 billion. MarketWatch dubbed it his “terrible, horrible, no good, very bad year.”