BULLYING and ABUSE OF POWER

Posted May 06, 2009 07:38am EDT by Tech Ticker in Investing, Newsmakers, Recession, Banking
Related:

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.”
* “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.”

http://tinyurl.com/cfp2jm

Advertisements

One Response to “BULLYING and ABUSE OF POWER”

  1. wander-rant Says:

    “Torture: An act by which severe pain or suffering, whether physical or mental, is intentionally inflicted on a person, for a purpose such as obtaining information or a confession, punishment, intimidation or coercion, or for any reason based on discrimination of any kind. Survivors of torture often suffer from physical and psychological symptoms and disabilities. There may be specific forms of physical injury including broken bones, neurological damage, and musculoskeletal problems. Torture may results in psychological symptoms of depression (most common), post-traumatic stress disorder, marked sleep disturbances and alterations in self-perceptions together with feelings of powerlessness, fear, guilt and shame.”

    Cite: Webster and American Collegiate Dictionaries.

    If you really think about it, not only are our American soldiers tortured according to this definition, so is each and every American citizen under Obama’s administration.

    ‘Nuff said.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: