Capitalist Pig on Why Hedge Funds and Ayn Rand are Great for the Economy

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Capitalist Pig on Why Hedge Funds and Ayn Rand are Great for the Economy

"Although I'm hopeful about the individual, I'm very fearful about the direction that, politically, this country is going," says Capitalist Pig Hedge Fund Manager Jonathan Hoenig.

Hoenig sat down with ReasonTV's Tracy Oppenheimer to discuss why hedge funds are great for the economy even though they get a bad rap, and why he thinks Ayn Rand's ideas are crucial for a cultural and economic upswing.

About 5:20 minutes.

Produced by Tracy Oppenheimer. Shot by Paul Detrick.

Scroll down for downloadable versions and subscribe to ReasonTV's YouTube Channel to receive notification when new material goes live.

Comments

[Pound. Head. On. Desk.]

If I ever meet someone who talks like him and looks like her...

Okay, I wouldn't stand a chance!

[The Late P Brooks]

The perky butt-shaking chick on Bloomberg likes to talk about what heroes the guys at the Wall Street big-bank trading desks are. That's fine, but if they want to gamble they should use their own fucking money and not the shareholders'. And when the bet goes south, tough shit for them; they can pull the kids out of that ritzy preschool and put them to work in a coal mine.

[R C Dean]

They're not even using the shareholder's money. They're using the money in the depositor's and trading accounts.

We now have at least one case saying that it is perfectly OK for a firm to take (formerly) sacrosanct customer money and use it as collateral for a loan to its own trading operation, placing the customers behind whoever made the loan in bankruptcy.

[Bill Dalasio]

"They're using the money in the depositor's and trading accounts."

Actually, that's generally not true. MF Global broke the law. They're just not being held accountable for it. Generally, financial institutions aren't allowed to mix firm and customer monies. And they're only going to be in trading if they have capital well in excess of their non-trading assets.

[Heroic Mulatto]

The perky butt-shaking chick on Bloomberg

What, no pictures?

[Bill Dalasio]

"...but if they want to gamble they should use their own fucking money and not the shareholders'."

Except one of the fundamental functions of finance, of all business really, is the assumption and management of risk - of gambling. Your local grocery store is gambling that they can sell their inventory for more than they paid for it and a bank is gambling that they can close out their positions at a profit. The shareholders of any enterprise understand this and accept that risk in order to make a profit. If they want to never take gambles, they should stuff their money under their mattresses.

[yonemoto]

they should stuff their money under their mattresses.

but then that would impede the circular flow!!!!!1!!!!one!

[The Late P Brooks]

why hedge funds are great for the economy

Turn them back into real partnerships, and have at it.

[EDG reppin' LBC]

I think you may be conflating hedge funds with investment banks. I agree that IB's should be partnerships, with partners' skin in the game. Hedge funds are different.

[Sudden]

Missed posting it in the morning links, but worth it:

Will The Real Mitt Romney Please Stand Up?

[Sudden]

Also found
You Didn't Build That

[EDG reppin' LBC]

Good piece Ms. Oppenheimer. I hope to see more of this type of coverage on Reason.

[The Late P Brooks]

you may be conflating hedge funds with investment banks

Entirely possible.

[sarcasmic]

I am officially in lust with the new girl.

[Killazontherun]

And the dude has light blue eyes to die for.

I'm telling you, Jew is the new Swede.

[darius404]

I don't think Tracy's that new. She's been here since 2011. That's not a lot of time, but it's longer than, say, Tucille or Shackford.

[sarcasmic]

Whatever. That doesn't change my lustful thoughts. Not love, mind you. Just lust. Pure animal lust.

[darius404]

Understandable.

[darius404]

It's understandable.

[OldMexican]

"Let ME finish, Jonathan! Please!"

[R C Dean]

Oh, I'd let her finish, no question.

Oh, finish talking? That's different.

[The Late P Brooks]

Also, since this is a finance-related thread, I found it quite amusing that it took at least two hours for the Bloombergers to get around to mentioning the inconvenient little fact that Vikram Pandit presided over a near total eradication of Citi's share value, yesterday.

"Why did the board push him over the side?"

Why did they wait so fucking long?

[darius404]

I saw that too. He just resigned. The article I read (in USA Today) took it as unexpected, painting him as trying hard to restore Citigroup's reputation.

I'm sure there's some more context I'm missing here. I don't know much about Pandit or Citigroup.

[Jesus H. Christ]

Ms. Oppenheimer, you did a wonderful job. If I may make one suggestion, please take care of your voice. It's common among young women now to speak using vocal fry, aka creak, glottal rattle, etc. It's not pleasant to the ear, and sounds unprofessional. Maybe I'm a dork, but that gargley stoner rasp is just annoying.

[heller]

Wow, who knew Jesus H. Christ was such a douche?

[Jesus H. Christ]

If she had said, 'ohmagosh!, like, donchaknow!' a few times, don't you think some would comment? To me, excess vocal fry is in the same category. It's just not professional. It's an affectation that, to me, makes her sound less polished. Maybe that's what she's going for, and it's a deliberate choice. If so, fine. I'm just tossing it out as friendly criticism on an otherwise fine performance.

[sarcasmic]

Some of us find it to be, well, stimulating.

[squarooticus]

Sometime before they hit 35, most women stop talking like this. Most women. Then there's Cindy Sheehan, who is otherwise a fine role model, but dayumm, please stop talking like a teenager.

[Warren]

It's a legitimate critique. Or it would be, if Tracy exhibited any of those traits. However, her voice possesses a lyrical quality with no trace of rasp.

[brec]

Watch above or click on the link below for video, full text, ...

Uh, I couldn't locate the full text.

[Stephdumas]

Good video. 🙂

I spotted a video based on "It's a Wonderful life!" an updated version.
http://www.youtube.com/watch?v=bwH3Xr6uyG0

[Warren]

Whoa. Why wasn't I informed earlier about this Tracy Oppenheimer person?

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