As many of you well know, hedge fund manager Dan Loeb is famous for telling people how he really feels, occasionally via Bloomberg header but most often by good old-fashioned letter. Typically, the people on the receiving end of Loeb’s thoughts comprise the management of the companies his firm Third Point has amassed a stake in, and is attempting to oust. Over the years, CEOs and board members from Yahoo! to Sony to Nabi Biopharmaceuticals have received their own personalized missives, all of which have been classic Loeb: that potent, poetic blend of sarcasm, self-regard, belittling attacks on competence and a lengthy list of prescriptions for change. Yesterday, he added a new piece to the canon.
Let’s rewind for a moment.
A few months back, Loeb bought some shares in a company that he knows very well, auction house Sotheby’s, where he sold a large egg not too long ago. Given his long relationship with the company, Loeb thought he’d let that little bombshell sink in for a while, in hopes that the ignorami running Sotheby’s into the ground would come to their senses. Sadly, Team Sotheby’s, led by Chairman and CEO William Ruprecht, did not, and that left Loeb with no choice but to pick up his pen and get down to business. The result is a contemporary masterpiece. Read more »
Obviously When Bank Chief Said Bailout Money Was For “Bleeding Patients” He Was Referring To The Kitchen In His New Waterfront Condo, Which Required A Viking Stove To Replace An 80′s-Era FrigidaireBy Bess Levin
Yesterday afternoon, former Mainstreet Bank chairman Darryl Lane Woods pleaded guilty to criminal charges stemming from misuse of TARP funds. According to prosecutors, Woods’ crime was two-fold. Part one involved applying for bailout money in November 2008, and then using the $1 million his bank received to purchase a $381,000 vacation home in Ft. Myers, Florida. Part two was responding to a February 2009 inquiry from Sigtarp head Neil Barofsky, who wanted a detailed account of what Mainstreet had done with the their cash with this: Read more »
It’s not exactly Hemingway, or even Dan Loeb, but Maurice Taylor, CEO of tire manufacturer Titan, may have achieved a diplomatic incident with his very undiplomatic letter to France’s industry minister.
In his best ugly American, Taylor pulls no punches in disrespectfully declining Monsieur Montebourg’s request that Titan look into buying a tire factory in northern France. The highlights: Read more »
Leon Cooperman’s Beef With President Obama Involves An Unsolicited Copy Of His 14 Year-Old Granddaughter’s Self-Published Memoirs And Not One Handwritten Thank-You Note In ReturnBy Bess Levin
Last November, hedge fund manager Leon Cooperman penned an “Open Letter To The President Of The United States of America,” in which he detailed the many ways Barack Obama was pissing him off. The Omega Advisors founder accused the President (and his “minions”) of engaging in class warfare, expressed disbelief that he could attack “capitalists who…fill store shelves at Christmas” and still sleep at night, and advised Obama to “eschew the polarizing vernacular of political militancy,” lest he lose Cooperman’s vote the next year. While LC says that he received a major outpouring of support for his words (“[he] keeps a bulging manila folder of congratulatory notes in his office”), others were less than pleased at what they saw as a guy who has actually done pretty okay under Obama lashing out because his feelings were hurt on the occasions the president was perceived to have a “tone” in his voice when discussing the mega-wealthy (“If I knew where you lived, I’d put a bomb in your car,” one person wrote Cooperman to say).
Similarly, Cooperman’s suggestion, made publicly several times, that America should be worried about the startling parallels between Obama’s rise to power and that of Adolf Hitler,* was met with mixed reviews, including one by his wife in which she called him a “schmuck.”
And while some** have found it preposterous that Cooperman would paint himself as a victim of Obama, their astonishment speaks to not knowing the whole story, i.e. exactly what this man- no, this monster- did to Leon, and why he is not fit to be President of the United States of America. Read more »
They’re not there yet, however; first, they’re going to send James Gorman a strongly worded letter about the issue and make a decision based on his response. They do sound pretty miffed though, so God help the guy if his answer is anything but “I’ve got my tool kit and I’m on the way over.” Read more »
Columbia University Students, Faculty, Alums Demand CU President Take Back All The Nice Things He Said About Jamie DimonBy Bess Levin
As you may have noticed, Jamie Dimon has had some unwanted attention thrown his way over the last several weeks, on account of one of his employees losing a few billion dollars. Though the JPMorgan CEO has been dealing with public displays of hate previously reserved for Lloyd Blankfein and Goldman Sachs, and will certainly be on the receiving end of a lot more tomorrow when he testifies on Capitol Hill, he has had a few people come to his (and his bank’s) defense. Yesterday Stephen Schwarzman told Bloomberg to lay off JD and JPM, noting that “occasional losses are inevitable” and “publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system,” while former Goldman exec Bill Archer said the whale fail makes him just “kind of shrug.” Lee Bollinger, who is President of Columbia and chairman of the Federal Bank of New York’s board of directors told the Journal that Dimon shouldn’t step down from his post as a director, as some have requested, and that those who cite conflicts of interest have a “false understanding of how [the Fed] works.” Some individuals from the Columbia community read that comment and are not very pleased. Enter, a strongly worded letter. Read more »