Tags: Harbinger Capital Partners, hard ball, hedge fund managers, Hedge Funds, investors, Phil Falcone
Way back in September, Phil Falcone held a conference call with Harbinger Capital clients wherein a “defensive” Falcone “expressed dismay that some investors had been talking to the press” and strongly urged them to put a sock in it. Apparently some people either didn’t get the memo or, in retaliation for Phil’s decision to lock up their money and then help himself to some in order to pay personal taxes, simply chose to ignore it. For example, yesterday “several” investors told Reuters that the Harbinger Capital Partners fund finished 2010 down around 12 percent and is off about 1.2 percent through the middle of January. In the same article, it was suggested that Falcone had to decided to stop reporting his performance to HSBC to spare himself embarrassment. What did Big P have to say about all this? For one, his investors don’t know shit.
When asked about the performance numbers through the middle of January and whether he had stopped sending data to HSBC to avoid being the most prominent name on the 2010 list of underachievers, the former Harvard economics graduate responded with a one-line email. “The investors are wrong and so is your rationale,” he told Reuters.
Falcone tried to play nice guy with you people but apparently you don’t appreciate a Mr. Nice Guy when you see one. So here’s what, bubs. You wanna play hardball? Falcone’s game. The next investor to talk to the press owes him 20 bucks. The one after that 50.** If you can’t come up with the cheddar, you get Lisa’s gladiator sandal up your ass. ATM pin numbers are accepted.
Falcone’s Flagship Fund Sees More Red [Reuters]
**Or a chalupa and a Coke.