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Fletch Gets Sued
Hedge-fund manager, Obama donor embroiled in nine-figure lawsuit with Louisiana pension funds
Prominent hedge-fund manager and Obama donor Alphonse “Buddy” Fletcher is embroiled in a legal battle with three Louisiana-based pension funds seeking to recoup a $100 million investment with his firm.
Fletcher, who operates a series of hedge funds—some of which are based in the Cayman Islands and reportedly oversee as much as $500 million in assets—contributed at least $2,300 to Obama’s campaign in 2008 and $50,000 to the president’s inauguration fund.
One of those hedge funds, Fletcher International Ltd., filed for bankruptcy protection on June 29, and recently sued some of its own Cayman Island-based affiliates in an effort to stop the court-ordered liquidation of its assets.
When three Louisiana employee pension funds decided to invest nearly $100 million in Fletcher International in 2008, Fletcher guaranteed a lucrative12 percent return on their investment. One of Fletcher’s associates also claimed the investment could be liquidated “in a matter of weeks,” if necessary.
A DVD recording of a 2008 meeting between Fletcher’s firm and administrators of one of the pension funds shows a pension fund board member questioning whether the offer was “too good to be true.” The funds went ahead with the investment anyway.
Ann Barnhardt
July 31st, 2012
If a man wearing a bowtie guarantees you 12%, run in the opposite direction as fast as your legs will carry you. Duh.
Katechon
July 31st, 2012
@ Ann
What about a man wearing Dollar-sign suspenders?
jpm
July 31st, 2012
What this story doesn’t cover is more hideous. The N.O. Firefighters fund invested 7% of their pension with this guy. 100mm! well over a billion is still charged to be invested by clueless imbeciles who, needless to say, have already found 13 other schemes that squandered the rest of that bounty.
Aharte
July 31st, 2012
The bowtie reminds me of Nation of Islam.
Boobie the Rocket Dog
July 31st, 2012
Firefighters lost money? UNION firefighters? DemocRAT union firefighters?
Cry me a river.
Shoulda gone with solid all-American Republican hedge funds.
Frosteetoes
July 31st, 2012
Does anyone else think this guy resembles actor/singer Ben Vereen? (No offense to Mr. Vareen)
http://images.bwwstatic.com/upload9/389874/tn-500_vereen10889853.jpg
Boobie the Rocket Dog
August 1st, 2012
@ Frosteetoes- Your avatar is kind of small and fuzzy, but it looks like Jame Holmes escorting Mooshell Obama. Yes? No?
BILL
August 1st, 2012
Fletcher is a piker compared to corizine!
Death_By_Farts
August 1st, 2012
The title was misleading…I was expecting to see Chevy Chase looking sad, old, and pathetic as usual gasping for publicity.
bwaha
August 1st, 2012
“…expecting to see Chevy Chase looking sad, old, and pathetic as usual gasping for publicity.”
huh…MUCH like gore vidal