The President’s sharp words against those investment companies—he called them ‘speculators’—who refused his 30-cents on the dollar ROI deal to keep Chrysler out of bankruptcy court, have been aired far and wide. Now, you should get the other side of the argument. In an open letter to the nation, Clifford S. Asness, the Managing and Founding Principal at AQR Capital Management, LLC, answers the President. His letter, obtained from Zero Hedge, is reproduced here in its entirety.
Unafraid In GreenwichConnecticut 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 administration’s bid for their Chrysler bonds. He called them “speculators” who were “refusing to sacrifice like everyone else” and who... [Read Full Article]