THE TELEGRAPH: America faces a "crisis of leadership" that is damaging the country's recovery, one of Wall Street's leading hedge fund managers has warned in a scathing attack on President Barack Obama.
Daniel Loeb, the founder of the $3.3bn (£2.1bn) Third Point fund, said that the administration's policies appear intent on "redistribution rather than growth", and should send a chill through those who believe in free markets.
In the letter to investors, Mr Loeb pinpoints the "politically-laced" lawsuit brought by regulator the Securities and Exchange Commission against Goldman Sachs in April as the moment that investors began to lose confidence.
The criticism underlines the fear some on Wall Street have about the Obama administration's intentions toward a financial services industry still bearing the brunt of Americans' anger over the crisis.
Steve Schwarzman, the billionaire founder of private equity firm Blackstone, last month likened the president's plans to levy taxes on the private equity industry as being akin to Adolf Hitler's invasion of Poland. >>> Richard Blackden, US Business Editor | Tuesday, August 31, 2010
