Hedge fund manager responds to Obama

Cliff Asness:

...

  • "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."
  • "The President's attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him. Why is he not calling on his party to "sacrifice" some campaign contributions, and votes, for the greater good? Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power."
...

Obama's conduct and that of his administration in the Chrysler deal is a disgrace. They are acting like union thugs trying to get what they want through card check intimidation. The bankruptcy court must uphold the rule of law and give secured creditors what they are entitled to or everyone will be paying a higher price for their corporate bonds.

Comments

  1. Anonymous8:58 PM

    As your friend Michelle Malkin likes to say, "boo freakin' hoo."

    ReplyDelete
  2. jcricket8:33 AM

    It's a shame they didn't hedge their own bets and sell short when they had the chance.

    I'm shocked. Shocked, I tell you, to see that gambling is going on here.

    ReplyDelete
  3. Bukko Boomeranger11:38 PM

    Yeah! How dare a bankruptcy court act like a bankruptcy court and try to work out a deal to reduce debts that cannot be paid? The sole purpose of a bankruptcy court is to tell debtors "Pay up, you deadbeat!" That always works so well...

    ReplyDelete

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