Posted on 05/05/2009 1:34:23 PM PDT by CAD Daddy
Cliff Asness, managing partner at AQR Capital Management, distributed the following letter after listening to Obama blast the Chrysler hedge-fund holdouts.
(Excerpt) Read more at businessinsider.com ...
One day, we in America will wake up and on the morning news our Dear Leader will inform us that the banking system will be shut down, the curreny declared worthless and that our local governments will be issuing us ration cards.
he is going after capitalism methodically and in small chunks. The way you selectively knock out support pillars before a controlled demolition.
I suspect you're absolutely correct, the analogy's most fitting.
Never cower to fools.
I do not understand why these fund managers continue to accept the labels the RATS put on them. It is a sure loser. They should refer to themselves as SECURED INVESTORS not hedge fund managers. Furthermore, be accurate in describing what Obama has done. He has PAID OFF HIS UNION SUPPORTERS IN THE UAW AND CHEATED SECURED INVESTORS. HE HAS USED MOB TACTICS BY COMMITTING EXTORTION OF INVESTMENT BUSINESSES, THREATENING TO SLANDER THEM AND RUIN THEIR REPUTATIONS. HE HAS SUBVERTED THE RULE OF LAW BY IGNORING ESTABLISHED BANKRUPTCY PROCEDURES AND ARBITRARILY RULED IN FAVOR OF HIS SUPPORTERS. Stop pu**ying around and play hardball if you want re-establish the rule of law.
Geez.... Obama I s NOT bigger than the Constitution. Hide behind the Constitution and feel safe.....Hedgers.
It would be nice to see some peaceful Counter-demonstrations to any bussed-in anti-hedge-fund rent-a-mobs.
Outraged cowering is pretty hard to pull off convincingly.
They aren't just insisting that they stand in front of unsecured creditors. They are insisting the US treasury lend their debtor $8 billion to repay them, without putting its own conditions on the deal. No private creditor in the UST's position would put up with this crap.
Just tell them to lend the car companies the the funds themselves, if they don't like the deal the UST, Fiat, the, unions, and the banks (70% of the creditors by dollar amount BTW) agreed to. Whoops, they aren't ready to do that, are they? Nope. Nor are they ready to see a liquidation. They just want more money from the US treasury.
Why conservatives think that is some great principled cause is beyond me. The same crowd bayed for banker's heads, now they suddenly decide it is high principle that they get another nickel or dime. Its just nuts. You are all being played and used.
a) human beings,
They have a job they'd like to keep. They family and friends. They follow the news. They know about ACORN and the like. They know fear.
b) corporate officers,
They have what is called "a fiduciary trust". That at the end of the day the money entrusted to them will be safe. Despite what the RATS/MSM would have us believe, all business -- not even fund managers and bankers -- are a bunch of greedy, heartless bullies. If those funds aren't safe that manager is out of a job, his reputation smashed, and maybe even facing time in the slammer.
To openly and boldly defy the White House -- especially this White House, with its MSM lackeys -- would be like walking into a PR buzz saw.
We do give a tinkers cuss, JasonC, and that’s why we defend them. Yes, that may be what they want — why wouldn’t they. What we want is one law for all men. Not one man dictating the law to all.
Your comment is dead on.
0bama = Mugabe
This isn’t about “the big guy” or “the little guy.” It’s about the rule of law and its primacy over the cult of personality surrounding this president.
Ditto. Hedge funds are part of the Wall Street racket. They were created by financiers who told Congress that they should repeal the Glass Spiegel act because the new Wall Street men learned from the Great Depression and banks know how to invest in stocks and etc. Fast forward to 2009 and the country learned it the hard way. Regulations of the past were put in for a good reason. Wall Street and bankers never learned nor changed. Another point, many on Wall Street thought they can own BO by supporting him in the 2008 election. Now BO is beating the crap out of them. I always know there is a God, and of all the places the justice will come from will be from the political party I oppose, the Democrats. As far as I am concern, let Wall Street and the Dems kill each other, the more they fight, the more Americans on Main Street will benefit and get to see justice done.
The level of crass ideological stupidity around here is just staggering.
“..............In fact, it was only because hedge funds have not taken government funds that they could stand up to this bullying. The TARP recipients had no choice but to go along. The hedge funds were singled out only because they are unpopular, not because they behaved any differently from any other ethical manager of other people’s money. The President’s comments here are backwards and libelous. Yet, somehow I don’t think the hedge funds will be following ACORN’s lead and trucking in a bunch of paid professional protestors soon. Hedge funds really need a community organizer.
This is America. We have a free enterprise system that has worked spectacularly for us for two hundred plus years. When it fails it fixes itself. Most importantly, it is not an owned lackey of the oval office to be scolded for disobedience by the President.
I am ready for my “personalized” tax rate now.”
**********************************************
I could not say it any better than the author.
I take it you have never played poker?
And now the government half way through the game doesn't want to play?
BUahahahahahahaha
Then the government needs to back away from the table and go play with their money elsewhere.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.