Bankruptcy

Administration Blasted for Pressure Exerted

By mcbride

The administration has been making decisions about what used to be called private businesses which are, in some quarters, coming under fire as being too invasive.  On one hand though, if the tactics seem to be working (and the market?s present rise is one justification for this viewpoint), then the objecting parties may well keep silent.  However, to the extent that the government?s tactics do not work and the markets continue a long term slide, then that will no doubt embolden critics, who may well take the whole matter to the Courts.  Here is a brief article and interview with a hedge fund manager on this interesting topic.

 ?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. ?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?.?

 Here is the link to the video interview and article: http://finance.yahoo.com/tech-ticker/article/241837/Hedge-Fund-Leader-Blasts-Obama-for-%22Bullying%22-and-%22Abuse-of-Power%22?tickers=%5Edji,%5Egspc,GM,ARM,DAN,GT,XLF

 Michael

Full post as published by Texas Lawyer Blog on May 06, 2009 (boomark / email).