Wait, what? Hedge funds may be able to claim bailout money intended to help cash-strapped small businesses.
Tha’s Nate Koppikar, a partner at Orso Partners, as quoted in a Bloomberg News article on Tuesday expressing his displeasure with the prospect of hedge funds claiming bailout money intended to help cash-strapped small businesses in the throes of a deep recession wrought by the outbreak of COVID-19.
Read:America should be ready for 18 months of shutdowns in ‘long, hard road’ ahead, warns the Fed’s Neel Kashkari Chamath Palihapitiya, chief executive of venture-capital firm Social Capital LP, last week argued that the Fed’s massive coronavirus stimulus package helps the ultrarich at the expense of ordinary American workers.
“Just to be clear on who we are talking about. We’re talking about a hedge fund that serves a bunch of billionaire family offices. Who cares? They don’t get the summer in the Hamptons?” Palihapitiya said. “Who cares? Let them get wiped out.”Bloomberg reported that some hedge funds already have applied for small-business aid, certifying that the “current economic uncertainty makes this loan request necessary to support the ongoing operations.
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