Battered Hedge Fund Managers’ Syndrome
My column today looks at the abusive relationship between Barack Obama and the hedge fund industry. He keeps taking their money. They keep getting publicly tongue-lashed. Looks like the cycle has ended. Last week, non-TARP lenders objected to the UAW-pandering Chrysler deal. This week, AQR Capital Management LLC hedge fund manager Cliff Asness — at considerable risk to himself and his business — issued a striking manifesto responding to the president’s self-serving demagoguery and flagrant disregard for the rule of law. You can find Cliff’s essay and his other invauable work at Stumbling on Truth.
Like the “Cory the Driller” open letter that resonated last year with small businessmen, Asness’s cri de coeur has touched a nerve. Let’s hope his peers on Wall Street listen and learn.
***
Battered Hedge Fund Managers’ Syndrome
by Michelle Malkin
Creators Syndicate
Copyright 2009
Greed is good – until it gets in the way of a union-friendly restructuring deal. President Obama, generous recipient of Wall Street largesse, angrily derided a group of hedge fund managers this week as “speculators.” The miffed president suggested that uncooperative firms were selfish for holding out on the government’s Chrysler bankruptcy plans and refusing to make “sacrifices” to benefit the United Auto Workers.
The “sacrifices” involved Chrysler debt holders agreeing to sell the debt to the government at prices determined by union-beholden bureaucrats instead of bankruptcy courts. The hedge firms balked. Obama sneered that the dissenters were looking for “unjustified taxpayer-funded bailout.” But the holdouts never took banking bailout funds from Washington. And the targeted financial executives were simply doing what good money managers are supposed to do: put their clients’ fiduciary interests first.
Obama’s corporate-bashing rhetoric should, of course, come as no shock. During the campaign and continuing through his first 100 days, he has routinely attacked the “ethic of greed.” When Sen. John McCain publicized Obama’s wealth redistribution comments to Joe the Plumber, Obama snarked that McCain was “fighting for Joe The Hedge Fund Manager” and was “in cahoots with Joe the CEO.” First Lady Michelle Obama also singled out hedge fund managers for scorn, urging young people to turn away from unrewarding work on Wall Street for more fulfilling jobs in the “helping industry.”
But behind the public lashings, the Obamas were all too happy to pass the plate around the pews of the Church of “Greed.” According to the Center for Responsive Politics, hedge funds and private equity firms donated $2,992,456 to the Obama campaign in the 2008 cycle. Obama, vocal critic of the campaign finance practice known as “bundling,” accepted more than $200,000 in bundled contributions from billionaire hedge-fund manager James Torrey, more than $100,000 in bundled contributions from billionaire hedge-fund manager Paul Tudor Jones and more than $50,000 in bundled contributions from billionaire hedge-fund manager Kenneth C. Griffin, chief executive officer of Citadel Investment Group in Chicago.
No less than 100 Obama bundlers are investment CEOs and brokers: nearly two dozen work for financial giants such as Lehman Brothers, Goldman Sachs or Citigroup. By comparison, Evil Republican Rich Guy John McCain received $1,699,525 from the industry.
Obama lambastes the “system and the culture” of the un-helping industry. But he is so much a part of – not apart from – the very climate he condemns. “Speculators” fill many of the top positions in the Obama White House. Hedge fund manager Larry Summers heads the National Economic Council. White House chief of staff Rahm Emanuel made millions as an investment banker at Wasserstein Perella. Vice President Joe Biden’s son, Hunter, made a comfy living in the hedge fund business until he got entangled into an ongoing mess with the shady Paradigm Capital Management involving fraud and giant Ponzi schemes.
Yes, there are rotten hedge fund managers who have squandered billions of dollars without accountability – not unlike the government bailout and stimulus fund managers in Washington who continue to throw good money after bad. President Obama demagogues the unpopular industry because it fits the popular narrative – Wall Street bad, Washington good. Like battered wives, most hedge fund managers who supported Obama have tolerated the abuse futilely hoping it will stop.
Until this week, that is. In an extraordinarily candid open letter to Obama, hedge fund manager Cliff Asness defended his industry from the president’s “backwards and libelous” charges. “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,” Asness wrote. He has oversight of some $20 billion at AQR Capital Management, LLC , which is not involved in the Chrysler case.
Asness minced no words: “The President’s attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him…Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power.”
Business as usual in the Era of Hope and Change. Perhaps demonized entrepreneurs will finally learn that when the dog you feed bites your hand, you don’t roll up your sleeve and give him your arm. You get a new dog.
Malkin is the author of the forthcoming “Culture of Corruption: Obama and his Team of Tax Cheats, Crooks & Cronies (Regnery 2009).
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Finally, a victim has the courage to say “enough!”. Now if only a political party would do the same.
MM,
I would really like to know if you support Michael Patrick Leahy in speaking on behalf of teaparty movement and the others who have appointed themselves leaders?
can you take the time to respond to that please.
Well, all I can say is I hope Mr. Asness isn’t somehow, mysteriously, found at the end of a rope. You know, it’s a stressful business he’s in.
B-cat,
a victim? try an enabler who aint too happy with results.
CAVEAT EMPTOR could have been title of her article
One wonders when duh1 will simply impale the rich on pikes on the White House lawn.
Not the Hopey Changey they thought they were buying. I pity no Odopey supporter.
he has a gift
according to harry
he told 9/11 familes he is the one
according to debra
The federal government has become an uncontollable and ongoing criminal enterprise. Little Barry Stalin and his Democrat apparatchiks have got to be stopped. The constitution, political system, and the current rule of law are apparently incapable of reigning this in. It now appears that state legislatures must step up and carry the ball as the “principled” opposition in Washington seems to be absent without leave.
I will say that much of this crisis is due to a lack of public confidence in the rule of law.
AJ,
^20 me either they wanted him they got him they are going to have to do more than whine to curry my praise.
Obama’s strong-arm tactics are more appropriate for a third world banana republic. Of course, before too long, we just may be a third world banana republic.
Once again, the Rule of the Mob takes precedence over the Rule of Law.
MM,
you really have a responsibility to adsress to those who post here, clarification on Michael Patrick Leahy.
I hope you do so.
zero is having his need to control challenged. the affirmative action president will throw a tantrum but will continue to try his hand at what he does best, steal from taxpayers. once a thief always a thief.
side note:
does anyone else find it creepy how the word “notion” has become the new euphamism for idea/concept? it is what obambi uses, it just KILLS me when non obambi folk use it……..
reminds me how dims replaced problem with issue
The Man With The Plan: Be gone Jimmy… F&*%in’ gone!
Jimmy ‘The Saint’ Tosnia: You gave me your word!
The Man With The Plan: I’m a criminal; my word don’t mean d%&k!
It’s about time. If those in the trenches don’t stand up to this, don’t whine about it later. BofA’s Ken Lewis bought into the “patriotism” excuse for abrogating his legal obligation to shareholders when he could have blew the whistle on Paulson. The best he could do later when addressing the Congressional committee and his shareholders was to whine about being bullied. Character is about doing the right thing even when no one is looking because it is the right thing to do.
Stop buying politicians and honor your obligations to those who put their trust in you.
be back another time and will watch for MM’s clarification if she supports Michael Patrick Leahy and others who have appointed themselves spokesfolk for all tea party attendees or not.
MM you owe us this clarification.
God Bless,B
Phil,
ta for now
glad to see you, you were spot on with your questions on # of seasonal flu.
great job
Meanwhile, GM is going to take more bailout money to double production in China, Korea and Mexico. Obama is going to save all of these American union jobs and benefits for what? So they can get paid to do nothing like all those idle LA teachers? This is just insane.
It is refreshing to finally see some response to our new government order. I wish the response had been sooner because Obama has the initiative now and private industry is on the defensive. There is a long struggle ahead for those of us who wish to preserve what we are rapidly losing. Note that the recent job increases have been government, government, and government. Producers are down again.
Let me see if I follow all of this.
Geithner while at the fed has lunch with a bunch of bankers. Those include guys from Morgan Stanley, Citigroup, Goldman Sachs and JP Morgan Chase. He then asks Congress to bailout the banks. They laughed.
Later he becomes Treasury Secretary. Now bailouts become a real thing.
Now Chrysler is in trouble. The people holding notes are not willing to give concessions. The biggest holdout? JP Morgan Chase. Receiver of federal bailout money.
I may have to put on my tinfoil hat, but I smell a rat.
Errah, looks like some more folks from Wall Street are having buyers remorse. LOL! BTW, Is that horse faced jackasz Chelsea Klinton still a hedge fund manager or did she get the boot when mommy lost her bid for the presidency? Probably off writing her new “chiiirdenz” books “It Takes a Guulag” or something.
I wonder how long it will take before they sew him up in the bedsheets & set it on fire?
Here in CA, the new budget (that will crash and burn next week at the polls) is $8B short of balanced. That deficit would be around $35B if it were not for the “stimulus” funds that were used exclusively to save existing government jobs, including those idle LA teachers and absentee patronage jobs.
If CA accounts for 25% of the us economy and ALL of the “stimulus” money is going to government, how is Obama going to accomplish his promise that “90% of the new jobs created are going to be private sector jobs”?
This entire government “rescue” is the biggest and most expensive lie in human history.
When Gettlefinger, head goon of the uaw, regurgitates the words of that man in the WH indicating the hedge fund managers and individual bond holders are greedy, selfish and jeopardizing our national economy because they wouldn’t agree to accepting $.33 on the dollar, shouldn’t someone ask these crooks a simple question? Will the uaw, its members and their goon staffs be acceptable to taking a cut in pay & benefits to the tune of $.33 on the dollar? What sacrifice did the union make? I realize how crooked and self-serving these extreme leftists/dems/unions are….their arrogance and bs are transparent. It’s good to see some push back on them by a hedge fund manager and a lawyer….it’s a start.
Wait, I thought everything belonged to the government anyway and they get to decide upon whom to bestow it at any given moment. What’s all the fuss about?
Shaking down…is recycled corruption and abuse of power.
Can you say Jesse Jackson or Al Sharpton?
Or Al Gore’s exponential income using Chicken Little’s line?
If the Holder Justice Department will not investigate and prosecute Mr. Obama and his administration, then the state attorneys general should, with the assistance of their elected representatives in Washington.
This represents repeated and patently criminal behavior, and I suspect that the careless unbridled hubris of the President and many Democrats will ultimately lead to their undoing. One can only hope and pray for courageous men and women in positions of leadership to rise to the occasion.
Can’t wait!
If you want to address non-topical issues with her, I would suggest you do it via e-mail instead of cluttering the board with your demands. Otherwise, I don’t see where she owes you squat.
Sounds like some of the States are finally ready to stand up the Obama. A bunch of us right wing extremist are standing up to O. Maybe that is encourgment enough for some hedgefund guys to get together and stand up. It would certainly be a start.
I think tea party people should take credit for the backbone of all finally getting the message…O is nothing but a Chicago thug. If enough people stand together against him we can win.
As I recall, JPM only took “bailout” money because they were coerced into it, and Dimon has already indicated that they don’t need or want it, and want to give it back. Other than that, as the column notes, they have a primary responsibility to their shareholders and depositors to safeguard their investments. Agreeing to abrogate bankrupcy law to benefit the UAW doesn’t fit into that responsibility.
Remember the comment made before the election about when Obama would be the “ruler.”
Obama has no interest in governing. Nor does he have any interest in following the law or the Constitution. It’s rather hysterical to remember all of the wailing and crying about BOOOOOOOOSH ignoring the law.
These same people observe Obama’s total disdain for the law and all you hear are the crickets chirping.
Fight Back! Join a Tea Party near you. Just say, “NO” to Obama!
The character test. You have contractual duties and obligations that could cost you your freedom and wealth were you to fail in doing your best to complete them. You are suddenly confronted by an authority figure who appeals to your patriotism to look the other way “just this once” and hints of other threats if you choose to be “unreasonable”. What do you do?
If you have to stop and think, maybe you are part of the problem. We are in this predicament as a society because too many people don’t see the problem.
***
I understand why poorer people like President Obama’s (PBUH) plans to redistribute other persons income to them.
***
I never understood why anyone in normal or well off economic situations would support the Messiah. His democratic / liberal / socialist / marxist / communist plans to take over their wealth and sources of income were apparent to anyone with internet access or Fox TV access years before he won the election.
***
I expect The One to come after our 401K, IRA, and pension money soon. He will probably try to “redistribute” our money into the Social Security system. This happened in Argentina a few years ago–the socialist president lady there stole the future income of those who saved. President Franklin D. Roosevelt did this with the railroad worker’s pension fund in the 1930’s also.
***
Like my sainted dad said, “What’s mine is mine–what’s yours is negotiable!” Or confiscatable. Watch your wallets!
***
John Bibb
***
You embarrass yourself with comments like that.
Put it away, will you? Nagging is unattractive.
Bloomberg now reporting that several bond holder interests in the Chrysler case are giving up. I haven’t seen there statements yet but another opportunity lost. Apparently the upper tiers of the business community is populated by invertebrates. They willingly make political contributions (bribes) to further their interests so why can’t they invest some of those funds to defend their very rights to even have claims? Why is it always every man for himself? It’s hard to sympathize with these guys never mind step up and defend them.
Stand your ground first THEN appeal for help.
I enjoy Teddy’s frequent “self-embarrassments. BTW, you clipped off his signature “errah” opening. It’s not polite to trample other people’s idiom.
I am currently re-reading Atlas Shrugged which I first read many years ago. At the time I thought of it a great expression of a political philosophy but never imagined such nonsense could ever come to pass. What makes so much of this possible is what Ayn Rand describes as the sanction of the victim. The rich that ignore the Dems rantings and hope/imagine it will never be directed at them get what they deserve in the end.
In other news foreseen by Ayn Rand, Michelle Obama was meeting with “Corporate Voices for Working Families” conference at the Mayflower Hotel in Washington. Fattening them up for the slaughter.
Considering that your posts are usually inflammatory, I don’t think you’re in much of a position to criticise just because you’re on the wrong side of the ideological fence.
So much for the Democrats’ mantra of the GOP being the party of Wall Street and lobbyists! Speaking of the latter, wasn’t the Obama admin supposed to free and glean of lobbyists?
I agree with you in principle, but having seen the lengths to which this administration will go to get its way, it is a little intimidating for any CEO to confront an entity with literally unlimited funds and power.
pasadena phil, it’s much easier to bribe politicians than it is to convince investors you are working for their interest when you settle for 28 cents on a dollar. perhaps a few investor suits are in order? teddy kennedy, i think your comment is dead on, as only republican hedge funds are populated by lying, cheating theiving weasels. not the ones who employ kennedys and clintons. chelsea campaigned for momma, putting her in the zone, she has of course expressed interest in the senate or presidency, so comments regarding her are fair game.
Yikes! glean = clean
(It’s not even midday and already my brain is fried.)
Oh, come on. Asness has no objection to the taxpayers being shaken down and their money being funneled into his own pocket. This sudden concern for corruption and abuse of power is laughable. He, and the rest of the left-wingers in the hedge fund industry, are not objecting to the process. They are objecting because in this one narrow instance they see the process being used against them.
Asness and Co are fine with corruption and abuse of power. That’s why they consistenetly support the Democrats. They just think that they should be the beneficiaries of this stuff at all times and never its victims.
The rich do not “ignore” the Dem rantings. The rich ARE the Democratic party. That’s where all you Randians miss the boat. The rich are not getting raped by the government, it’s the middle class getting raped by the rich. We’ve just watched as trillions of taxpayer dollars were dumped on those rich people. Some of that money will flow right back into the Dem party coffers.
Totalitarians always use industry to their advantage until it’s no longer of any use. Suckers.
If you agree with on principle and this is about standing up for principle, why are you letting these guys off the hook? These spineless wonders are among the wealthiest people on the planet and so have the most to lose. It also means that they have the most to fight for. They aren’t paid the big bucks to deal only with easy problems.
Why should anyone Americans be risking their lives in the military if the chieftains of industry are held to such a low standard of character? Life IS intimidating if you are living it right.
If these guys can’t measure up to the demands of their responsibilities, step down and let someone with more spine pick up the fight and make the big money.
And BTW, could you noseholders please let go of your noses and find the little courage it takes to vote “none of the above”? Please!?!?!
Seems like every day another lie is told by Obama and his minions. Everytime he says, “Let me be clear about this…” I get ready to hear a line of bull. Frankly, I have had all the crap I can take. I was at the Denver Tea Party, along with over 5,000 others and seems to me both demoncrat and repub politicians couldn’t have cared less. Anybody got a bead on whether or not a 4th of July Tea Party is being held anywhere. I loved watching the liberals scramble and lie trying to make the tea parties out to be nothing. We need to stand together against this horrible man and his crooked friends.
I wonder if Obamageddon knows Chuckie Schumer has always protected the hedge fund managers from higher taxes than the 15% they pay? He gets quite a bit of campaign money from them in NY.
http://www.nytimes.com/2007/07/30/washington/30schumer.html
I’m sure Rahm and Summers have told him.
Hedgefund managers claim ALL their income is capital gains so, why should they pay income tax ? They also enjoy the ability to sell shares of stock they don’t even own; a-la ‘Naked short-selling’ and spreading rumors on CNBC. Bear Stearns was one fine example of their ‘concern’ for fiduciary responsibility.
I’m glad the a$$holes who inflicted this turd on us are getting screwed by him.
I also want his thuggery shouted from the rooftops until no one can deny what an evil, corrupt dictator he is.
You speak the truth, sir.
I aready saw this article several days ago. My Econ professor, who is from the Hedge Fund industry, loved the article though she did not see it until I brought it for her on Tuesday of this week…and personally and professionally knows Clifford Asness. She also knows I am a duck hunter, but was initially uncomfortable with that fact (she was helping me prepare my resume months ago for my prospective career in Financial Analysis and had asked what my hobbies were, and I had mentioned Duck Hunting, Ballroom Dancing, and Cooking)… Sort of a Blue State/Red State culture shock I suppose.
Without Hedge Funds, there was no one in the private sector healthy enough to take on Chrysler’s bad credit risk to make the loans.
The HF people -other than George Soros- are having their comeuppance over their vote for Obama, but don’t push them away.
I continually hear from HF personnel/CEOs who are ticked at how they are ‘judged by certain people in the public, and yet these same people really don’t know anything about what an HF does’…kind of reminds the feeling I get when I see politician and reporter nabobs make comments about the Second Amendment.
There is hope.
I’ve got to go now- this is my day off- and I’m going to the shooting range to unwind.
When politicians talk about “the rich”, they are talking about the “highest income earners”… earned income. That term applies to the low and middle classes. That is why the statistics of how “rich people” pay most of the taxes is so misleading. The Fed’s website still provides Greenspan-era studies backing that up. Look back at his 1998 essay presented to that year’s Jackson Hole meeting called “Inequality of Income Distribution”. Stark numbers that didn’t cause a ripple.
Warren Buffet is the biggest taxpayer in American (if not the world) because he CHOOSES to pay taxes. He boasts that he could have dodged all taxes since he was in his thirties but pays them because he feels a debt to the society that enabled him to become so wealthy. That is called nobility.
Unfortunately, they are not the ones getting screwed. The individual’s who trusted these people with their money are the one’s who are suffering the loss. I believe this includes little old ladies’ retirement accounts as well as anyone trying to invest what little extra they have in order to be able to eat in their senior years.
Someone correct me if I’m wrong. (I’m not very fluent in the financial sector).
Errah, Southcoast, “self embarrassment” is what I’m all about!
Errah, Pasadena Phil thanks for covering my 6, and an extra “Errah” for you on this Mother’s Day Weekend!
Asness is a brave man. He is lucky this isn’t happening in the Clinton Administration, for surely, his days on this planet would be even shorter.
We all know what happens in corrupt southern states, and Chicago state bureaucracies. I pray the two don’t meld into one highly contagious, and lethal form of governance.
IMHO, the two have already cross-bred, and the resulting zygote is growing at a rate faster than the deadliest cancer.
We must rid ourselves of this progressively malignant black-hole that is sucking the breath of freedom and prosperity from the people of a great nation. Necessary steps must be taken now, to avoid a more drastically physical intervention later.
I think that patriotic, thinking Americans have had enough. Ignoring this problem, in the long run, only serves to feed it.
That’s not entirely accurate. Warren Buffet pays taxes on less than $500k per year. He takes $100k as salary, and receives various perks which he claims (he doesn’t have to, so that’s noble), but he does NOT pay taxes on his wealth. No one does.
Income is what is taxed in America, and we all had better be glad that’s the way it is. When they start taxing wealth, say bye-bye to any hopes you ever have of retiring, or God-willing ever becoming wealthy yourself.
http://townhall.com/cartoons/2009/05/08/2
Links to an excellent cartoon that say a lot.
My hope…and it’s one of a very few hopes we have…is that federal judges, like those in bankruptcy, will step on THE ONE’s toga and slow him down. They did it with FDR.
Outside of that, I see nothing that can even break his pace for years to come, unless we are willing a individuals to take action.
SFHoward: I don’t have the exact numbers but they are not what you said. The IRS has an entire department dedicated to processing his tax return which may take a good sized tree to make the paper to print it on. Year after year, he is the largest individual taxpayer in America whatever the numbers are. And he could organize his affairs to pay no taxes if he wanted to.
Really…??? How, pray tell…???
I disagree! Estate (aka Death) taxes liquidate a dead person’s accumulated wealth. Democrats feel they are more entitled to the fruits of a person’s labor, than are the heirs.
What’s that saying; “Taxes liquidate a living man’s assets, and probate taxes liquidate a dead man’s assets.”
Great link…
Well, you form a charitable trust and donate all sources of income to it. The trust then, pays your living expenses until you die when the proceeds, if any, are donated to the actual charities.
Michelle, criminal shake-down artists are prosecuted and sent to prison.
The thug in the Oval Office (those should be zero’s in the name of the office, but your posting code won’t accept them) is a criminal that has committed criminal acts.
He should be arrested and charged with multiple violations – not the least of which is reenactment of the crimes of Hitler in Germany, right here in the US.
Here’s a short explanation Ragaspierre.
http://townhall.com/cartoons/2009/05/08/1
There’s another good one…
The person whose living expenses are paid by a trust would have to report those as ordinary income, I do believe.
You or I or Mr. Buffet can’t get away with being a charitable beneficiary. We are just guys…
You may be correct. I only have a simple H.S. diploma.
Jeff:
The blurb in the link is right. So is what I said above.
Isn’t it interesting that there are SO MANY forms of taxes…???
I only have a simple H.S. diploma.
Reminds me of an old star Trek episode.
Star Trek, Episode 49: “A Piece of the Action.”
Kirk goes gangsta !
That the one with Spock in the watch cap…?
As a non college graduate; I use logic rather than, obfuscation. It’s easier to keep your story both, straight and understandable. Tax lawyers write tax code. Is it any surprise you need a lawyer to understand it ?
No, the planet is run by a bunch of crime families that read a book left there earlier and copied it. Pinstripes and, gangster hats.
I think your referring to the one with the soup-kitchen where, Spock builds a space transmitter using 1930’s vacuum tube technology.
I seriously believe that the code was intentionally written to be impenetrable. Even the IRS types up the food chain can’t give you a consistent read on what the code says.
AND, really outrageous, you can get an opinion from them, act on it, and they say it doesn’t matter if they oppose what you did. It is an amazing tyranny that we have abided FAR too long.
CBS has all the complete episodes online…I watched ” The trouble with Tribbles ” last night.
Yep. if the IRS can’t explain the code, what chance do mere mortals have ?
Yeah. I must have morphed them together. I remember that Kirk falls for a chick who has to get hit by a truck or something to honor the fabric of time, in the one I was thinking of.
Of course, in a jury trial, the jury would probably nullify any contention that, intent to defraud was present.
Better question: how can anyone pretend that our system is fair or voluntary when nobody can rationalize it?
Probably, just a Transporter malfunction…Been quite awhile since I saw the show, as well. That’s why I’m watching the series again.
When one side has the ability to interpret to their advantage, we always lose.
Yeah, but those terms belong to criminal actions. And, as you intuit, you can’t be found to have committed a tax crime accidentally, or by relying on what the Service tells you.
But you CAN be fined and charged interest on the basis of THEIR error, and your reliance on it.
FIFY
Let me see if I can get anybody to defend the assertion that Buffet could manage to avoid paying income taxes?
People like Buffet do not pay taxes out of a sense of nobles oblige. They may elect to pay more than the VERY smart people they pay for tax advice counsel, but bear in mind that they also have very sharp people payed for their PR advice.
Instead of being “an OK guy” or even “noble“, just think of how Buffet would be perceived in our culture if he were a conservative.
Obama is probably doing the White House Hillary screamfest about now. He doesn’t like criticism of his almighty word. Hope that Cliff Asness doesnt’t get “disappeared”.
I think it’s wise for those of you using “Obama” as someone to blame, to remember that Obama himself is nothing but an inexperienced Dweeb who is allowing himself to be used as a puppet by every Liberal S.O.B. in his Administration. I’m not saying don’t blame Obama, I’m saying root out the bastards that are really behind this guy.
Ragspierre doesn’t like Warren Buffet. Check.