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IPFS News Link • Welfare: Corporate

Critics Are Lambasting Money Managers For Taking Federal Aid

•, Tyler Durden

Over the course of the 11 year bull market, Brown's firm seems to have not done well enough to make its way through the pandemic without taking on debt. So much for "buy and hold"...

Several firms in addition to Ritholtz have disclosed these loans from the Paycheck Protection Program, including Carson Group, a $12 billion firm and Cornerstone Advisors, which manages $6.3 billion, according to the Wall Street Journal. Ritholtz, which manages $1.3 billion, also took out one of the loans. 

The loans are for companies that "reasonably anticipated a reduction in revenue that could hamper day-to-day operations" and due to AUM falling for many of these firms, their top lines have decreased. But many critics see the bailout of financial firms to be "ridiculous".