On Obama's tactics in the Chrysler mess and soon the GM mess.
I am curious why some people here, who have rightfully in the past raised questions about the BUSH/Cheney administration and its questionable ties and behavior to companies like Haliburton, are not going absolutely berserk, as President Obama, has threatened and utterly destroyed bondholders, notably *SECURED LENDERS* the backbone of our financial system, not to mention castigated them publicly, since they are standing up for their investors, while Obama steers that money to the UAW becoming a majority owner in Chrysler.
I am just curious, from our friends here, who hang on his every word, what they think about Obama criticizing *SECURED LENDERS*, people who invest in this nation, for looking out for their investors, while he screws them over to look after his political supporters, i.e. UAW.
I hope people realize, that the President, who is hopeful of getting lenders, investors, fund managers, et. al to buy up the troubled assets that are weighing our system down, is now publicly castigating, threatening and humiliating, unjustly, the same people who can buy up all those troubled assets.
so why, now, with a president who publicly humiliates you, threatens you, has now shown he will screw you over financially if you lend to secure these troubled assets, if it is beneficial to his supporters, will people go about doing that now?
He has just made an enemy of a 1.5 trillion dollar industry, (hedge funds) which he needs to buy up all this toxic debt...so why now, will they do that, when has now shown he will screw them financially, and publicly destroy them if things do not go well?
Frankly, i disagree with Obama on many things...policy wise...but i did not find many of the things he did to be loathsome or objectionable...i merely disagreed strongly with him...but this current behavior, is absolutely crazy, not to mention, incredibly stupid.
I spoke with about 100-150 friends, former colleagues, and relatives, via phone and email over the last day or so...all of whom are involved in hedge funds, many of whom voted for Obama...the current feeling ranged from disbelief, to utter hatred...but the most common theme was, "fuck him if he thinks we are buying up anything in TARP now".
I would highly recommend reading this article, by Cliff Asness, who manages a 20 billion dollar hedge fund, and happens to be very brilliant...so some ofy ou can understand just what is happening, and what is going on behind the sscenes of this mess in the autoindustry...
the president is effectively screwing over lenders and shareholders, for far less then what they could get in bankruptcy court, so he can effectively hand control of the company to the UAW, and then he is demonizing the lenders publicly for being greedy and not "sacrificing" their investors' money, to give it to the UAW.
If there is *ANYONE* here who can justify this move on the part of Obama, which has *NOTHING* to do with the GOP, so let us not get into another republican/democrat spat, i'd like to hear the reasoning behind this move.
Since Cliff Asness has said it better than i could, i would ask that you read the article, then comment.
here is the first paragraph, and then the link
Unafraid In Greenwich Connecticut
Clifford S. Asness
Managing and Founding Principal
AQR Capital Management, LLC
The President has just harshly castigated hedge fund managers for being unwilling to take his administrations bid for their Chrysler bonds. He called them speculators who were refusing to sacrifice like everyone else and who wanted to hold out for the prospect of an unjustified taxpayer-funded bailout.
The responses of hedge fund managers have been, appropriately, outrage, but generally have been anonymous for fear of going on the record against a powerful President (an exception, though still in the form of a group letter, was the superb note from The Committee of Chrysler Non-TARP Lenders some of the points of which I echo here, and a relatively few firms, like Oppenheimer, that have publicly defended themselves). Furthermore, one by one the managers and banks are said to be caving to the Presidents wishes out of justifiable fear.....
I run an approximately twenty billion dollar money management firm that offers hedge funds as well as public mutual funds and unhedged traditional investments. My company is not involved in the Chrysler situation, but I am still aghast at the President's comments (of course these are my own views not those of my company).
Hedge Funds Outraged At Obama Bullying But Also Cowering In Fear
I am curious why some people here, who have rightfully in the past raised questions about the BUSH/Cheney administration and its questionable ties and behavior to companies like Haliburton, are not going absolutely berserk, as President Obama, has threatened and utterly destroyed bondholders, notably *SECURED LENDERS* the backbone of our financial system, not to mention castigated them publicly, since they are standing up for their investors, while Obama steers that money to the UAW becoming a majority owner in Chrysler.
I am just curious, from our friends here, who hang on his every word, what they think about Obama criticizing *SECURED LENDERS*, people who invest in this nation, for looking out for their investors, while he screws them over to look after his political supporters, i.e. UAW.
I hope people realize, that the President, who is hopeful of getting lenders, investors, fund managers, et. al to buy up the troubled assets that are weighing our system down, is now publicly castigating, threatening and humiliating, unjustly, the same people who can buy up all those troubled assets.
so why, now, with a president who publicly humiliates you, threatens you, has now shown he will screw you over financially if you lend to secure these troubled assets, if it is beneficial to his supporters, will people go about doing that now?
He has just made an enemy of a 1.5 trillion dollar industry, (hedge funds) which he needs to buy up all this toxic debt...so why now, will they do that, when has now shown he will screw them financially, and publicly destroy them if things do not go well?
Frankly, i disagree with Obama on many things...policy wise...but i did not find many of the things he did to be loathsome or objectionable...i merely disagreed strongly with him...but this current behavior, is absolutely crazy, not to mention, incredibly stupid.
I spoke with about 100-150 friends, former colleagues, and relatives, via phone and email over the last day or so...all of whom are involved in hedge funds, many of whom voted for Obama...the current feeling ranged from disbelief, to utter hatred...but the most common theme was, "fuck him if he thinks we are buying up anything in TARP now".
I would highly recommend reading this article, by Cliff Asness, who manages a 20 billion dollar hedge fund, and happens to be very brilliant...so some ofy ou can understand just what is happening, and what is going on behind the sscenes of this mess in the autoindustry...
the president is effectively screwing over lenders and shareholders, for far less then what they could get in bankruptcy court, so he can effectively hand control of the company to the UAW, and then he is demonizing the lenders publicly for being greedy and not "sacrificing" their investors' money, to give it to the UAW.
If there is *ANYONE* here who can justify this move on the part of Obama, which has *NOTHING* to do with the GOP, so let us not get into another republican/democrat spat, i'd like to hear the reasoning behind this move.
Since Cliff Asness has said it better than i could, i would ask that you read the article, then comment.
here is the first paragraph, and then the link
Unafraid In Greenwich Connecticut
Clifford S. Asness
Managing and Founding Principal
AQR Capital Management, LLC
The President has just harshly castigated hedge fund managers for being unwilling to take his administrations bid for their Chrysler bonds. He called them speculators who were refusing to sacrifice like everyone else and who wanted to hold out for the prospect of an unjustified taxpayer-funded bailout.
The responses of hedge fund managers have been, appropriately, outrage, but generally have been anonymous for fear of going on the record against a powerful President (an exception, though still in the form of a group letter, was the superb note from The Committee of Chrysler Non-TARP Lenders some of the points of which I echo here, and a relatively few firms, like Oppenheimer, that have publicly defended themselves). Furthermore, one by one the managers and banks are said to be caving to the Presidents wishes out of justifiable fear.....
I run an approximately twenty billion dollar money management firm that offers hedge funds as well as public mutual funds and unhedged traditional investments. My company is not involved in the Chrysler situation, but I am still aghast at the President's comments (of course these are my own views not those of my company).
Hedge Funds Outraged At Obama Bullying But Also Cowering In Fear