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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:
Originally posted by semperfortis
[edit on 5/6/2009 by semperfortis]
Originally posted by MrVertigo
reply to post by Stormdancer777
Hedge funds and the like are the scum of the earth in my opinion and probably one of the main reasons we are in this financial mess.
So I hope they're afraid, very afraid. Because regardless of what happens they are not going to be able to get away with it for much longer.
I opposed Obamas bailout as much as anyone here, but he has recently stated that the financial institutions will not get any more money and this is a big step in the right direction, IMO.
Maybe this is why the hedge fund guy is so afraid?