Asset manager is now trading directly with inter-dealer brokers.

Companies sitting on huge piles of cash now compete with bond funds like Pimco and BlackRock to buy corporate debt.

Companies sitting on huge piles of cash now compete with bond funds like Pimco and BlackRock to buy corporate debt.

Economies need government spending as well as central bank stimulus, investor says.

Economies need government spending as well as central bank stimulus, investor says.

BlackRock CEO warns of structural market risks created by funds with embedded leverage.

BlackRock CEO warns of structural market risks created by funds with embedded leverage.

Displaced as manager of world's largest mutual fund, Pimco bets at least $10 billion on U.S. credit-default swaps.