Cliff Asness Takes Swing at Obama For Chrysler Statements

Obama unfair to hedge fund investors?

As the automobile giants of America come crashing to the turf, more interest is being paid to how the remaining assets should be redistributed. There was no small controversy recently during the Chrysler bankruptcy negotiations. Debt relief did not come in time and no short term loans could work to save the automaker, so the battle in court began.

President Obama and his administration was critical of the way hedge fund funds held out on a deal over the Chrysler restructuring. Now, Svea Herbst-Bayliss reports from Boston for Reuters that prominent hedge fund manager Cliff Asness has struck back. He says that the hedge funds “had the right and responsibility to hold out” on the Chrysler LLC restructuring deal.

Their job is to their clients, he says

“Managers have a fiduciary obligation to look after their clients’ money as best they can, not to support the President, nor to oppose him, nor otherwise advance their political views,” said Clifford Asness. Asness is responsible for $20 billion at AQR Capital Management. He made his name in quantitative investing, where computer models select the stocks and bonds for investment. ... click here to read the rest of the article titled "Cliff Asness Takes Swing at Obama For Chrysler Statements"