Cry me a river.

[formercia]

http://finance.yahoo.com/tech-ticker/article/241837/Hed...

Hedge Fund Leader Blasts Obama for "Bullying" and "Abuse of Power"
Posted May 06, 2009 07:38am EDT

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."

--snip--

"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."

--snip--

Cry me a fucking river....

[Skinner]

1. I'm so with you. Cry me a fucking river.

These hedge fund assholes should keep it up. They are even more despised than politicians and journalists. The more Obama slaps them around, the more popular he gets.

[Happyhippychick]

2. The guy's name is "Assness" - how appropriate.

[Skinner]

4. Rofl.

Good catch.

[Baby Snooks]

13. It's probably prounounced as a "z"

But then an azz is still an ass. And he definitely is an ass.

[patriotvoice]

3. Play it again, Sam.

[imdjh]

5. Goldman Sachs

Clifford S. Asness, Ph.D, is the CEO of AQR Management. He is an financial analyzer and Hedge Fund Expert. Before AQR Management was Director of Quantitative Research for the Asset Management Division and Managing Director for Goldman, Sachs & Co. At Goldman, chiff and his team is responsible for bidding quantitative models to add value in global equity. He received the Journal of Portfolio Management twice in 2001 and in 2003.

[Baby Snooks]

12. They are all evil. Well, ummm, not all...

http://firstfriday.wordpress.com/2008/01/14/chelsea-cli... /

Avenue Capital Group of course is not evil. God, the hypocrisy.

[beac]

6. Agreed. Especially since I heard on NPR that the hedge funds bought the

bonds somewhere in the mid-twenties (cents on the dollar), so they STILL would have made a profit taking 30 cents on the dollar.

BASTARDS.

[Baby Snooks]

14. They make a profit on everything...

They lost trillions of dollars on what were basically bad bets. But in reality, they charged a commission for the bets they placed. So they didn't lose a dime. And still aren't. But everyone else still is.

[Eric J in MN]

7. Cliff Asness is trying to mislead the American people.

"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."

- Cliff Asness

Tim Geithner gave hedge funds a trillion dollars to buy mortgage-related securities.

This trillion is in non-recourse loans. Non-recourse loan don't have to be paid back,

If the securities rise in value, then the hedge funds keep the profits.

If the securities decline in value, then the taxpayers absorb the losses.

"The President's attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him."

- Cliff Asness

The Obama Administration would have loaned enough money to Chrysler to keep it out of bankruptcy regardless of what the hedge funds did if it were determined to help a labor union.

[PM Martin]

8. "Asness"? Now there's a fitting last name.

Regarding this S**T

"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"

Why don't we discuss the shakedown that AIG/Goldman Sachs/Citigroup/Bank of America is partaking in Mr. Asness?

[formercia]

9. Call him by his proper royal name:

"Your Assness."

[madmom]

10. Is this the same group of people who bought the default swaps so that

it would be in their best interest(they would get more money from the insurance) for bankruptcy to happen?

[formercia]

11. Same gang...

Might not work out the way they planned....

[Baby Snooks]

15. Actually I think they swapped them...

I have never really read too much about them. What I have read is sufficient reason not to. Truly scary people. And we are bailing them out. So they can spin the roulette wheel some more.