Posts Tagged ‘feinberg

11
Jul
11

uncorked

TPM: … TPM readers identified the two likeminded conservatives with whom Paul Ryan shared two pricey $350 bottles of Pinot Noir Wednesday night (original story here)

….(they) were Cliff Asness and John Cochrane. Both men have doctorate degrees in economics and are well-known in the conservative media world as die-hard proponents of the free market’s ability to right itself without government bailouts when the crisis hit in late 2008.

Asness, who ordered the wine and who, according to Feinberg was the one who said “Fuck her,” is better known as a high-profile hedge fund manager. Asness founded and runs AQR Capital, which manages an estimated $26 billion in a variety of traditional products and hedge funds, and his life story has been the subject of numerous books and articles about the rise and fall of Wall Street. He’s also grabbed headlines for being one of the most voluble opponents of President Obama’s economic policies.

ABC’s Jake Tapper ran an illuminating piece on Asness in May of 2009 after he wrote an angry open letter to Obama – “Unafraid in Greenwich, Connecticut” – in which he blasted the President’s attacks on hedge fund owners refusing to go along with his administration’s plans for Chrysler.

“Who came up with the title for the letter?” Tapper asked parenthetically in his piece. “Axelrod? Perhaps ‘Bold and on My Yacht’ was too subtle.”

….In May 2009, Asness served as a guest host on CNBC’s Squawk Box and defended the $450 million in bonuses AIG executives received, arguing that President Obama and the Congress are responsible for the economic crisis and should pay the execs the bonuses themselves…..

More here

****

Campaignmoney: Asness is more than just an angry millionaire – he’s a major conservative political player.

Asness was listed as an attendee at retreats held by the billionaire conservative Koch Brothers, according to the document obtained by ThinkProgess last year. Charles and David Koch bring people together at these events to “review strategies for combating the multitude of public policies that threaten to destroy America as we know it”. In January, Ryan spoke at the Koch’s California retreat….

More here

08
Jul
11

the high life

TPM: Rep. Paul Ryan, a leading advocate of shrinking entitlement spending and the architect of the plan to privatize Medicare, spent Wednesday evening sipping $350 wine with two like-minded conservative economists at the swanky Capitol Hill eatery Bistro Bis.

…Susan Feinberg, an associate business professor at Rutgers, was at Bistro Bis celebrating her birthday when she saw the label on the bottle Ryan’s table had ordered … it sold for an eye-popping $350, the most expensive wine in the house…

Feinberg, an economist by training, was even more appalled when the table ordered a second bottle. She quickly did the math and figured out that the $700 in wine the trio consumed over the course of 90 minutes amounted to more than the entire weekly income of a couple making minimum wage.

“We were just stunned,” said Feinberg, who e-mailed TPM about her encounter …After ending their meal and paying the check, Feinberg decided to give Ryan a piece of her mind. She approached the table and asked Ryan “how he could live with himself” sipping expensive wine while advocating for cuts to programs for seniors and the poor…..

The clash became especially heated when Feinberg asked the men if they were lobbyists. “F—- her,” one of them replied and stood up in a menacing way, according to Feinberg’s account…

… The one major aspect of the story in dispute was the topic of conversation at Ryan’s dinner table. Feinberg said all three men were “droning on loudly during the evening that liberals think that if you’re a millionaire, you have done something wrong.”

Full article here

Thanks Fred – and Susan Feinberg 😉




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