Wednesday, May 6, 2009

Good News II: Cliff Asness is "Unafraid in Greenwich"

It's heartening to see more financial professionals speaking out against the Obama administration's fascist tactics related to their treatment of Chrysler's debt holders. Another prominent hedge fund manager, Cliff Asness, who runs AQR Capital, "has distributed an opinion letter discussing the most relevant topic over the past few days that has gotten no MSM attention". In his letter titled "Unafraid in Greenwich Connecticut" which can be found here, he writes:
Let’s be clear, it is the job and obligation of all investment managers, including hedge fund managers, to get their clients the most return they can. They are allowed to be charitable with their own money, and many are spectacularly so, but if they give away their clients’ money to share in the “sacrifice”, they are stealing.

...This is America. We have a free enterprise system that has worked spectacularly for us for two hundred plus years. When it fails it fixes itself. Most importantly, it is not an owned lackey of the oval office to be scolded for disobedience by the President.
After citing fears in the investment industry of retaliation by the government against those who speak out, Asness fittingly ends his letter with the following sorry statement on freedom in America:
I am ready for my “personalized” tax rate now.

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