PIMCO Trustee Blasts Bill Gross' $200 Million Salary

From the LA Times' Scott Reckard:

"You could hire 2,000 schoolteachers for that money," said William J. Popejoy, a former financial executive who has been a Pacific Investment Management Co. trustee for 23 years. "I don't know what Bill should be paid, but $200 million is not appropriate."

Last month, Gross was the subject of an incredibly unflattering Wall Street Journal article.

The inside account detailed how Gross had a nasty clash with Mohamed El-Erian in front of the other employees. El-Erian, PIMCO's CEO/co-CIO, abruptly resigned from PIMCO in January.

Sources also told the Journal that Gross referred to himself as "Secretariat," the legendary undefeated racehorse. The article also said that Gross doesn't let his traders make eye contact with him or speak to him in the morning.

Popejoy slammed Gross over the WSJ article in an interview with the LA Times:

"I don't know if Secretariat made $200 million a year," Popejoy said.

He described Gross' recent performance as "mediocre" and characterized the description of his management style as "bullying, if what I read is true."