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Posts Tagged ‘Cliff Asness’

Watch Today 2-3pm: Cliff Asness on Crony Capitalism

Posted by Larry Doyle on May 9th, 2013 7:31 AM |

In May 2010, financier Cliff Asness said in The Wall Street Journal that the Dodd-Frank Act was “perfectly designed to create the largest and most powerful crony system in history. It’s not that the people, regulator or regulated, are personally corrupt. It’s that the system will itself select for, reward and enforce corruption.”

I would not agree with a blanket assessment that all the regulators and regulated are not personally corrupt but I give Cliff Asness credit for going where few in the industry are willing to navigate.

I will be watching Asness this afternoon from 2-3pm EST talk at the American Enterprise Institute about the impact of Dodd Frank — er, that is, aka Fraud Dank here at Sense on Cents — and the state of competition in America’s financial markets. (more…)

Adams, Obama, and Asness on The Rule of Law

Posted by Larry Doyle on June 14th, 2011 8:34 AM |

“We are a nation of laws and not of men.”

The above quote is widely credited to the second President of our great land, John Adams.

The life story of Adams is captured in a best selling book, “John Adams” written by David McCullough. The book garnered rave reviews and has served as a written historical monument to one of our nation’s founding fathers.

Adams may have been overshadowed by many of the other giants of his era, including Washington and Jefferson, but his measure has certainly stood the test of time.

In addition to the above referenced quote, McCullough highlights early in his book a statement Adams made to his bride Abigail.

“We live, my dear soul, in an age of trial. What will be the consequence, I know not.” (1774)  (more…)

What Will the Fed Do When QE2 Fails to Stimulate Economy?

Posted by Larry Doyle on October 29th, 2010 5:56 AM |

Here we are a full three years into our economic malaise, Uncle Sam has thrown everything and the kitchen sink at the economy yet we have little to no traction in terms of growth and momentum. Will another trillion dollars of liquidity do the trick? Well, while the Fed’s liquidity may move markets, will it move the economy? Don’t bet on it. The Fed and its brethren on Wall Street and in Washington are reluctant to truly level with the American people. How so?

Our nation is experiencing a serious structural change in our economy — not a mere ‘enormous downturn’ in the midst of the business cycle. If our central bankers and government officials were to emphasize this point, it may cause a sharper retrenchment in our current growth but it would likely lead to a quicker rebound. Before we get into why our bankers and their political cronies are reluctant to make this acknowledgement, let’s take the pulse of an array of venture capitalists, money managers, and others who provide the capital to a wide array of companies. What do these individuals think the economic impact of another round of quantitative easing might be? (more…)

Hedge Fund Manager Responds to Barack’s Bullying

Posted by Larry Doyle on May 5th, 2009 11:41 AM |

Kudos to Zero Hedge for posting this commentary written by hedge fund manager, Clifford S. Asness. Major kudos to Mr. Asness for having the heart and courage to stand up for capitalism and free market principles. Asness addresses the implications of President Obama’s browbeating hedge funds’ representation and management of client interests involved in the Chrysler bankruptcy.

Our country was founded on the principles of free speech, fair and equitable trade, property rights, and the ability to operate without intimidation. In writing and publishing this post, Mr. Asness has done our country a great service. I commend him!! I strongly encourage people to share this message with friends and colleagues. Please share your sentiments here as well!! ~LD

Unafraid In Greenwich Connecticut
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 wanted “to hold out for the prospect of an unjustified taxpayer-funded bailout.”

The responses of hedge fund managers have been, appropriately, outrage, but generally have been anonymous for fear of going on the record against a powerful President (an exception, though still in the form of a “group letter”, was the superb note from “The Committee of Chrysler Non-TARP Lenders” some of the points of which I echo here, and a relatively few firms, like Oppenheimer, that have publicly defended themselves). Furthermore, one by one the managers and banks are said to be caving to the President’s wishes out of justifiable fear. (more…)

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