Hedge Funds Politics & Regulation

AQR’s Asness takes on Obama over Chrysler debt

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This week, AQR Capital Management co-founder Cliff Asness fired off a letter – circulated widely by hedge funds – responding to President Barack Obama’s contention that some Chrysler stakeholders, among them hedge funds, had been unwilling to make “sacrifices” in order to allow a successful restructuring of the troubled automaker.

”While many stakeholders made sacrifices and worked constructively, I have to tell you, some did not,” said Obama in late April. “In particular,” the President said, “a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout. They were