Posted on 05/06/2009 12:05:03 PM PDT by Jim Robinson
Cliff Asness, whose firm manages some $20 billion of assets, has written an open letter blasting President Obama for his attack on the hedge fund industry in the wake of the Chrysler bankruptcy.
As you'll recall, hedge funds, which hold approximately $1 billion in Chrysler bonds, refused the government's offer to take approximately thirty cents on the dollar. Obama accused hedge funds of holding out "for the prospect of an unjustified taxpayer-funded bailout."
These comments have enraged many in the industry but few have spoken out publicly. Asness, whose firm doesn't hold Chrysler bonds, says the industry is genuinely afraid in the face of Obama's power. Stating that he himself is "fearful writing this," Asness still pulls no punches:
"Let’s be clear, it is the job and obligation of all investment managers, including hedge fund managers, to get their clients the most return they can. They are allowed to be charitable with their own money, and many are spectacularly so, but if they give away their clients’ money to share in the “sacrifice”, they are stealing."
"The President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large. Find me a hedge fund that has been bailed out. Find me a hedge fund, even a failed one, that has asked for one. 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."
(Excerpt) Read more at finance.yahoo.com ...
The republicans need to start GOING AFTER the democrats on this bullying. This is our comeback line of attack.
Some one has the guts to say what we all know. He should avoid any invitations to visit parks in the DC area.
I think the grate one is the only talkshow host talking about this issue
The White House gangstas!
Finally someone takes on The Kenyan thug and Rahm Emanuel
Added to the list, ping
We’ll see how long this plays out before the White House dirty tricksters go after him.
Neither side is backing down. This is going to go nuclear. Whoever wins will win VERY big, and whoever loses will be utterly destroyed.
This is it folks. Obama is either going down in flames over this or, when the dust settles, we will have a VERY different Amerika.
IMO
Obama has his brown shirts waiting in the wings to go after the rest of us if we do not bow to his ways.
Why the h*ll has it take so long for anyone on Wall Street to fight these bums?
The conservative element of this great country MUST begin to use the very same tactics that have been used against us for the past 60 years.
We simply must throw everything possible in the faces of the LibTard socialists before they completely destroy this country.
RE: “The White House gangstas!
Finally someone takes on The Kenyan thug and Rahm Emanuel”
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Indeed! Kudos to this hedge fund leader and may many many more people in similar positions rise up and speak out. It’s about time!
Any fund manager who went along with it would not only be sued in Civil Court but could quite probably end up facing criminal charges.
L
Lauria had "no comment" on the situation involving Perralla Weinburg (the firm which caved to WH pressure) but was willing to speak freely about all other creditor clients and their representatives.
Re: “I think the grate one is the only talkshow host talking about this issue”
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Agree — ML is gutsy and I love his show, and his best selling book!!!
Re: “This is it folks. Obama is either going down in flames over this or, when the dust settles, we will have a VERY different Amerika.”
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I can’t wait to see zero go down in flames!
Most corrupt administration ever. Classic Chicago thugs, pay to play operatives.
While I completely agree and think this whole matter will be devastating to senior bondholders security rights, I think the WH will respond by saying that it isn't illegal to "ask" for concessions.
Re: “Why the h*ll has it taken so long for anyone on Wall Street to fight these bums?”
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Some say many on Wall Street are just now waking up; and that they are regretting, big time, having voted for zero last November.
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