Newest piece at Fox News: "Thugs In the White House"
So much for any hope that the government would uphold rules and abiding by contracts. Instead, we keep getting examples of something else – that when President Obama fails to persuade firms to follow his wishes, he does not hesitate to use threats of financial destruction.
Cliff Asness, the co-founder of the $20 billion hedge fund AQR Capital Management, laid bare the latest attacks with an open letter on Wednesday:“The President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large. Find me a hedge fund that has been bailed out. Find me a hedge fund, even a failed one, that has asked for one. In fact, it was only because hedge funds have not taken government funds that they could stand up to this bullying. The TARP recipients had no choice but to go along.”
This is just the latest in a string of intimidating tactics starting with threatening costly public audits to get compliance. Then there were the threats of firing CEOs who had the audacity to oppose government plans. The very latest is threats to use “ the full force of the White House press corps [to] destroy [the firm Perella Weinberg's] reputation” if it resisted the government stealing their money, according to Thomas Lauria who represented the firm up until last week. ABC News’s Jake Tapper reports that Mr. Steven Rattner, the head of the auto task force, made the threat. . . . .
See a related piece by James Glassman at Forbes here.