Tags: obama | hedge | fund

Obama Backward, Libels Lenders, Says Fund Chief

By Dan Weil   |   Thursday, 07 May 2009 01:42 PM

One hedge fund manager, who wasn’t involved in the Chrysler rescue, has harsh words for Obama over his criticism of funds that balked at the automaker deal.

Obama said hedge funds were hoping that everybody else would make sacrifices, and they would have to make none and that some demanded twice the return that other lenders were getting

“I am…aghast at the President’s comments.” Further, he says, “The President’s comments here are backwards and libelous,” Clifford Asness, founder of AQR Capital wrote in an open letter on Obama’s criticism of hedge funds.

AQR manages $20 billion from Greenwich, Conn.

“Here’s a shock. When hedge funds… lend their money they expect to get it back.”

Of course, he says, they realize they risk not getting paid back, but usually they at least get something.

“Bankruptcy court is about figuring out how to most fairly divvy up the remaining assets based on who is owed what and whose contracts come first.”

Instead, the Obama administration tried to impose a settlement.

“Hedge funds really need a community organizer,” Asness writes sarcastically, referring to Obama’s early career as an activist in Chicago.

And what does he expect from his letter? “I am ready for my ‘personalized’ tax rate now.”

© 2017 Newsmax. All rights reserved.

1Like our page
2Share
Companies
One hedge fund manager, who wasn’t involved in the Chrysler rescue, has harsh words for Obama over his criticism of funds that balked at the automaker deal.Obama said hedge funds were hoping that everybody else would make sacrifices, and they would have to make none and...
obama,hedge,fund
205
2009-42-07
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved