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Excerpts from fund manager Jeffrey Gundlach testimony, who is on trial for allegedly stealing trade secrets from former employer TCW.
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Black always want to PC that is.
Were imposed that fixed income.
In Pasadena.
Competitors you can.
In a certain sense there's very little competition.
Do with where they are obviously fixed income business and and that.
Brought the differences.
Yes and started early 2000.
You have conversations with.
When actually.
Going through.
Yes they called me in February 2000 and you have conversations without meeting with a -- well.
-- Well they're talking about hiring me and maybe some people -- from to go view or from Wall Street.
To manage money.
And you know it was as we saw you know private previously.
That I wrote about my thoughts about fortunately -- it was.
That it could be win win situation for everyone that TCW would get good economics frankly better than what they claimed it was getting under U.
-- -- What get a benefit if they were having some trouble in the mortgage related area.
I would get a benefit and so everybody would be amicable and an agreement.
And that was the basis on which were operated.
-- -- -- -- -- Mean we're.
We.
-- determinant.
You read this statement that you never want to be -- That through.
Enough troops referring to.
I never really wanted to stuff.
But it's true business that you recognize that your history.
Of negotiations with -- -- Other options that -- more.
Or created kind of a problem.
Saying that you never want to leave these are you.
-- Well you recognize that it wasn't consistent.
Is it true that after December -- You recognize that what does that thing.
On the one hand never -- BZW.
Yet.
You -- explore these potential.
That through.
Now who do you know no it's not true because you have to put things in context.
Definitely not let -- finish is.
And then the reason I was looking even -- women whose phone call from 3009.
Was one week earlier.
Your TCW's Societe -- put out a global press release.
Announcing that we're leaving the asset management business.
At the only thing left is going to be TCW that they're going to sell.
And so I thought that this was an extremely dangerous development and those of us here.
Well mister Stearns came back He was in his office.
And you didn't call and asked him keep it from -- -- I remember that we -- -- -- called me and said mr.
and now.
He and that's meant that that's and and He came down this year conference.
And you're there and six year lieutenant for that.
I don't know that was six but there were there's a there are few.
You know an imminent and -- have been sent you have posters are.
I don't know if it that are -- And you're here for the -- that you had mindless to prevent him from doing something He thought it was gonna do that you -- -- really -- Right.
And not -- it that way to recycle meeting -- -- -- -- being fired and you.
Immediately.
You really don't.
Want to and -- fired you.
The immediate huge mistake and you lose all these people -- Sort of I was trying to get a book a variety of points across one of them though for sure was if you fire me you're gonna blow up of the firm gonna blow up this business.
Because I thought that his strategy was to get rid of me.
And think that the business we go forward.
And try to show them that that was not the presumption.
