Tuesday, May 5, 2009

More on Hedge Funds vs Government over Chrysler

Hedge Funds Outraged At Obama Bullying But Also Cowering In Fear , from Business Insider (they say picked it up from Zero hedge).

It is a letter distributed by Clifford S. Asness, Managing and Founding Principal of AQR Capital Management, LLC.

The following are his concluding paragraphs:

"Last but not least, 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 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."

Well I'm sure Mr. Rattner is ready to give him the rate, but he may be too busy with the new project on GM...


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