Bill Gross is ready to pounce on distressed mortgages. The Bond King wrote a piece in the Washington Post touting a proposed bailout package as a good deal for taxpayers, likely to return at least 7% to the U.S. Treasury. In a CNBC interview he offered Newport Beach-based Pimco’s services to the government for free (if other asset managers do likewise). Reports have Pimco winning big with recent bets against Fannie and Freddie, but losing on its Lehman exposure …
President Bush wasn’t alone in standing up for OC’s Chris Cox after the Securities and Exchange Commission chief was ripped by John McCain and many commentators for the financial industry meltdown. Among those defending Cox,and excoriating McCain,were the Wall Street Journal ed-itorial page, columnist George Will and (on “Inside OC”) Chapman U’s Essie Adibi …
Sarah Palin is not the only political star coming to OC next month. Elaine Weinberg hosts a fundraiser Oct. 4 at her Newport Beach home for Democrat U.S. Sens. Chuck Schumer, John Kerry, Patrick Leahy and Jim Webb. New York Mayor Michael Bloomberg joins Gov. Arnold at the Island Hotel on Oct. 15 to raise money for Prop. 11, the redistricting initiative. Also on Oct. 15, California AG Jerry Brown addresses an OC Forum luncheon at the Hyatt Regency Irvine …
Irvine Co. has transferred ownership of exclusive Shady Canyon Golf Club to its 243 members. Developers routinely unload golf courses after the lots are sold, but the Insider hears the company waived claims to some $20 million in transfer fees (the 30% that comes off the top when a membership is sold) and startup costs. Donald Bren seems to have bought goodwill with Shady’s prominent membership at a time when the development’s real estate is under stress,members are singing Irvine Co.’s praises. The club’s new directors are retired Irvine Co. exec Bill Mitchell, entrepreneur Mo El-Ezaby, lawyer Todd Theodora and retired Pacific Life exec Glen Schafer. The club’s initiation fee has been holding at $300,000; Golf Digest last year ranked Shady the top course in OC and 19th in California, one slot ahead of Bel-Air CC …
Despite cutting 100 administrative jobs, Irvine Co. is increasing total payroll because of Pelican Hill Resort. Nine hundred employees are expected to be on board for the scheduled Nov. 26 opening with 300 more to be added by early 2009. The additions will bring local employment to around 4,000, moving Irvine Co. from No. 25 into the Top 20 on the Business Journal’s employers list …
Irvine’s gold-medal swimmer Jason Lezak poses for photos, signs autographs and narrates Olympic highlights at an Oct.7 dinner at Quinn’s Old Towne Grill in Tustin. Admission is $300 with proceeds going toward Lezak’s training for the 2012 Games. Call (714) 731-2263. Lezak appears this week on “Inside OC.”
