Sundeep Bhat

Hedge Fund Manager Clifford Asness Pushes Back at Obama

This is completely unacceptable, not to mention it goes against the fundamental principal of investing. Bondholders have the first right on the assets in case the company winds up and Obama is taking the right away from them. Like the writer correctly points out, its not the fund managers decison to make whether they should accept 29 cents on a dollar when its not their money to begin with and they were entrusted with that money.
This will mean that the future enterprizes will find it extremely difficult and expensive to raise debt. Obama should make a note of that.