letters

  • bill gross

    News

    Bill Gross: The End Is Nigh

    Bill Gross wrote about death in his latest Investment Outlook; hopefully next month he’ll return to his regularly scheduled programming of sartorial advice and vivid accounts of the first time he played 7 Minutes in Heaven.

    / May 4, 2015 at 12:00 PM
  • bill-gross_416x416

  • lloyd blankfein

    News

    Lloyd Blankfein Basically Told Warren Buffett To Suck It

    Paraphrasing, but only slightly.

    / Mar 3, 2015 at 2:16 PM
  • golden retriever

    News

    Bill Gross Recommends Golden Retrievers

    Apparently Bob Gross the Cat wasn’t the only four-legged creature that took up real estate in Gross’s heart (though she was the only one entrusted with making investment decisions for his firm).

    / Mar 2, 2015 at 11:03 AM
  • Whatever.

    Hedge Funds

    Paul Singer Feeling Philosophical About Argentina

    “Maybe this is the year that our Argentina situation gets resolved, and maybe it is not.”

    / Feb 9, 2015 at 1:08 PM
  • Bill Ackman

  • jefferies

    News

    Get Ready To See A Lot More Instances Of Jefferies MDs Sidling Up To Analysts And Awkwardly Asking, “Soo…You From Around These Parts?”

    …per the instructions enclosed in a letter sent out by CEO Richard Handler and Chairman […]

    / Sep 8, 2014 at 4:13 PM
  • billgross3-260x400

    News

    Bill Gross Wrote About The Erotic Pleasures Of Sneezing In His Latest Investment Letter But It’s Okay

    Bill Gross’s Investment Outlook for May is called “Achoo!” and begins like this: There’s nothing […]

    / Apr 30, 2014 at 2:04 PM
  • jamiedimonconferenceroom

    News

    Jamie Dimon: JPMorgan Needs To Speak Less/Listen More, Pay Better Attention To Competitors’ F*ck Ups

    JPMorgan Chase & Co., the biggest U.S. bank by assets, had a “tin ear” when […]

    / Apr 9, 2014 at 5:19 PM
  • Dan-Loeb

    News

    Dan Loeb Only Has Two Problems With Sotheby’s

    Ahead of the company’s annual meeting on May 6, he would like to remind shareholders […]

    / Apr 4, 2014 at 2:20 PM
  • danloeb

    News

    Dan Loeb Only Comes Off Like A Condescending A-hole On Paper: Sources

    In person, the FT reports, he’s a sweetheart.

    / Oct 4, 2013 at 2:04 PM
  • danloebthirdpoint

    News

    Dan Loeb Pens His Dan Loeb-iest Letter Yet

    As many of you well know, hedge fund manager Dan Loeb is famous for telling […]

    / Oct 2, 2013 at 3:28 PM
  • condoftmyers

    News

    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 Frigidaire

    Yesterday afternoon, former Mainstreet Bank chairman Darryl Lane Woods pleaded guilty to criminal charges stemming […]

    / Aug 28, 2013 at 12:18 PM
  • hughskipmcgeeIII

    News

    Barclays Counting On Hugh “This is NOT just about a pep rally” McGee To Make Nice With Regulators

    Back in May, Barclays named longtime Lehaman Brothers-turned-Barclays employee Hugh “Skip” McGee III Chief Executive […]

    / Jul 17, 2013 at 5:23 PM
  • mauricetaylor

    News

    U.S. CEO Has Some Words for French Minister

    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.

    / Feb 20, 2013 at 2:00 PM
  • News

    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 Return

    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 actually has 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, on at least two occasions, 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.

    Last July, before he had written the letter, Cooperman was invited to the White House for a reception to honor wealthy philanthropists who had signed Bill and Melinda Gates and Warren Buffett’s Giving Pledge, promising to donate at least fifty per cent of their net worth to charity. At the event, Cooperman handed the President two copies of “Inspired: My Life (So Far) in Poems,” a self-published book written by Courtney Cooperman, his fourteen-year-old granddaughter. Cooperman was surprised that the President didn’t send him a thank-you note or that Malia and Sasha Obama, for whom the books were intended as a gift and to whom Courtney wrote a separate letter, didn’t write to Courtney. (After Cooperman grumbled to a few friends, including Cory Booker, the mayor of Newark, Michelle Obama did write. Booker, who was also a recipient of Courtney’s book, promptly wrote her “a very nice note,” Cooperman said.)

    Now do you understand? Now do you understand? Even Hitler would have sent SOMETHING.

    Super-Rich Irony [New Yorker]
    Earlier: Leon Cooperman Doesn’t Like The Tone Of President Obama’s Voice

    *Just messing about him ever being in a position to “lose” it, of course.
    **Settle down, he wasn’t saying Obama IS Hitler, would would be biologically impossible, he was just saying Obama is the second coming of Hitler, which is something people should be aware of:

    “You know, the largest and greatest country in the free world put a forty-seven-year-old guy that never worked a day in his life and made him in charge of the free world,” Cooperman told the New Yorker in May. “Not totally different from taking Adolf Hitler in Germany and making him in charge of Germany because people were economically dissatisfied. Now, Obama’s not Hitler. I don’t even mean to say anything like that. But it is a question that the dissatisfaction of the populace was so great that they were willing to take a chance on an untested individual.”

    ***Mrs. Cooperman, for example.:

    She is still a liberal, a position that puts her in the minority in their social circle. “She can be a socialist because she’s married to a capitalist,” Cooperman says of his wife, who is strongly pro-choice and pro-gay marriage. She calls Todd Akin, Rick Santorum, and Rick Perry “morons,” and she worries about the underclass. “I care more about the disadvantaged people of America,” she said, comparing her politics with those of her husband.

    / Oct 1, 2012 at 1:13 PM
  • News

    Morgan Stanley ‘Rainmakers’ Might Quit Because Their Computers Don’t Work

    They’re not there yet, however; first, they’re going to send James Gorman a strongly worded letter 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.”

    Several dozen Morgan Stanley Smith Barney advisers who manage tens of billions of dollars of client money are considering leaving the firm, saying that widespread technology problems have made it very difficult for them to do their jobs, according to people familiar with the matter. The group has hired a lawyer to argue that they should be able to keep lucrative retention payments even if they quit, and they have also drafted a letter to Morgan Stanley CEO James Gorman outlining their concerns, though the letter has not yet been sent, the sources said.

    Rebecca Rothstein, one of the firm’s top advisers based in Beverly Hills, spoke to him on the group’s behalf, two sources familiar with the conversation said. Rothstein, who is close to Gorman and not part of the group, told him about the difficulties advisers and their clients are having – from trading delays and problems with foreign currency transactions to inaccurate account statements and bounced checks – and warned the group was planning to quit, one of the sources said…Morgan Stanley spokesman James Wiggins said the firm was aware that brokers have been voicing complaints about the new technology, but did not know anything about this specific group of advisers. “No such letter has been sent to management and no mass exodus has been threatened,” he said. “Management’s door is always open to discuss with any concerns they may have.”

    Morgan Stanley Smith Barney Rainmakers Consider Exit [Reuters]

    / Aug 31, 2012 at 3:33 PM
  • News

    Columbia University Students, Faculty, Alums Demand CU President Take Back All The Nice Things He Said About Jamie Dimon

    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 Bollinger’s comment and, spoiler alert, are not happy. Enter, a strongly worded letter.

    Mr. Lee Bollinger
    President of Columbia University
    Office of the President
    202 Low Library
    535 West 116th Street, Mail Code 4309
    New York, NY 10027
    Dear President Bollinger,
    As faculty, alumni and students of Columbia University, we are writing to express our deep disappointment in your recent decision to support JPMorgan Chairman and CEO Jamie Dimon’s continued membership on the Board of the New York Federal Reserve Bank.

    As the Chairman of the Board of the New York Fed, your unambiguous duty – as stated by the Guide to Conduct – is to maintain “the integrity, dignity, and reputation of the Federal Reserve System . . . and to avoid actions that might impair the effectiveness of System operations or in any way tend to discredit the System.”

    By supporting Mr. Dimon’s tenure you abdicated this basic responsibility. By echoing Mr. Ben Bernanke’s remarks that it is up to Congress to address this problem, you denied your duty to ensure the integrity of the Fed. By stating that Congress has more pressing issues to address than this one, you, in essence, urged inaction by all parties capable of affecting this important change. Surely you understand that a functioning financial system is a pre-requisite of our country’s economic recovery. By characterizing those who wish to see Mr. Dimon resign as “foolish” and in possession of a “false understanding” of how the Fed works, you have added insult – and inaccuracy – to the injury of encouraging this institution to continue in its current form.

    It is worth reminding you that JPMorgan Chase is currently under investigation for its recent $3 billion trading loss – a loss Mr. Dimon initially denied and then characterized as a ‘tempest in a teapot.’ It may also bear repeating that Mr. Dimon has long campaigned aggressively against important regulatory reforms designed to prevent excessive risk taking by Too Big To Fail institutions – institutions the Federal Reserve saved with $3 trillion dollars in special lending facilities and which Congress bailed out with $700 billion of taxpayers’ money. Certainly Mr. Dimon has no place as a leader of this institution.

    We urge you to reverse your support for Mr. Dimon and call for his immediate resignation. By way of reminder, there is precedent for this kind of action. In April 2011, Jeffrey R. Immelt, CEO of General Electric, stepped down from the NY Fed after it was clear that GE Capital would be regulated by the Fed as a ‘systematically important’ financial institution. As one of the largest banks in the world, JP Morgan is similarly – if not more ‘systemically important.’

    As an educator, you have a special responsibility to demonstrate moral and intellectual credibility, something you have failed to do in this situation. As the president of a university, you have a responsibility to ensure that students have the best possible opportunities upon graduation. Surely you understand the connection between the unemployment crisis facing young people in America and the 2008 financial collapse. That collapse not only threatened the employment potential of millions of American students, but also risked the fiscal health of the parents and grandparents who co-signed their educational loans. That you would choose to uphold the interests of major financial institutions over students and their families is unimaginable. We certainly hope that the contributions made to Columbia by JPMorgan – sums north of $500,000 – had nothing to do with your decision.

    Three years after the biggest financial crisis since the Great Depression, the country is struggling to rebuild its economy. A stable and appropriately governed financial system is a critical pre-requisite of our recovery. As the Chairman of the NY Fed, we urge you to take the obvious step of demanding Mr. Dimon’s resignation.

    Thank you,
    Current Students, Alumni and Faculty of Columbia University
    Richard Adams
    Graduate Student and Alumnus

    Marcellus Andrews
    Professor of Economics
    Columbia University

    John Atlas
    President of the National Housing Institute Charles H. Revson Fellow, 2004

    Partha Banerjee
    J-School, 2000

    Hilary Beattie
    Asst. Clinical Professor of Medical Psychology in Psychiatry

    Carl Bettendorf
    Alumnus and Adjunct Faculty

    Lila Braine

    Dana Burnell
    Alumni

    Sylvia Bettendorf
    Student

    Jamie Chen
    CC Class of ’09

    Paul Colson
    Faculty

    Jonathan Crissman
    Student

    Mina Dadgar
    Alumni

    Carolyn Douglas
    Associate Professor of Psychiatry

    Nnaemeka Ekwelum
    Class of 2012

    Tim Foreman
    Student

    David Friedman
    Officer

    Danielle G.
    Student

    Nancy Goody
    Alumnae -GS of Arch & HP

    Warren Green
    Administrator

    Robert Hanning

    William D. Hartung
    Center for International Policy
    Columbia College Class of 1978

    James Hone
    Faculty

    Bonnie Kaufman
    Faculty, Medical School

    Jee Kim
    Columbia College, ‘95

    Susan Lob
    Adjunct Faculty and Alumni

    Barbara Lundblad
    Faculty
    Union Theological Seminary

    John Markowitz
    Professor of Clinical Psychiatry,
    Alumnus College ’76, GSAS ’78, P&S ’82

    Rangi McNeil
    School of the Arts Alumni

    Sara Minard
    Faculty

    Federick Neuhouser
    Professor of Philosophy

    Michael Newell

    Kaveh Niazi
    Alumni

    Jeffrey Ordower
    Columbia College Class of 1991

    Alexandra Pines
    Class of 2016

    Ai-jen Poo
    Director
    National Domestic Workers Alliance

    Bill Ragen
    Columbia College 1980

    Yuliya Rimsky
    Columbia University
    Alumnus Class of 2012 & SIPA student Class of 2014

    Katherine Roberts
    Alumna, GSAS

    Eva Salzman
    Alumni

    Jeff Schneider
    Alumni

    Shruti Sehgal
    BC Alumnus, Class of 2011

    Eric J. Schoenberg
    Adjunct Associate Professor
    Columbia Business School

    The Honorable David Segal
    Former RI state representative
    CC ‘01

    Anat Shenker-Osorio
    Founder and Principal, ASO Communications, Columbia College ’99

    Kobi Skolnick
    Current student of Negotiation and Conflict Resolution, Class of 2013

    Jill Strauss

    Denise J. Tartaglia
    Alumni

    Stephanie Taylor
    Co-Founder, Progressive Change Campaign Committee, Columbia University alumni, SOA ’07

    Alan Wallach
    Alumnus

    Mark Watson
    Alumnus

    James Williams
    Officer Libraries

    Thomas J. Yager
    Associate Research Scientist, Mailman School of Public Health

    / Jun 12, 2012 at 5:02 PM
  • Hedge Funds

    Yahoo! RésuméGate, Day 7: Third Point Is Not Enjoying This At All

    In fact, Dan Loeb and Co. find this “embarrassing episode” painful to watch.

    Dear Board of Directors:

    Six days have passed since Yahoo! acknowledged the fabrications in Chief Executive Officer Scott Thompson and Director Patti Hart’s resumes. Since then, the following has occurred: (i) shareholders have been told that Mr. Thompson’s errors were “inadvertent”, (ii) Mr. Thompson made a classic “I’m sorry you feel that way” non-apology without actually accepting responsibility, (iii) Ms. Hart announced she will not seek re-election to the Board presumably due to her leadership of the botched CEO hiring process but intends to serve out her term, and (iv) the Board has formed a special committee to conduct a “thorough review” into Mr. Thompson’s academic credentials.

    It appears very clear to us – and to many corporate governance experts, Yahoo! employees, and fellow Yahoo! shareholders – that Mr. Thompson’s fantasy degree was in no way an “inadvertent error”. The evidence shows he had been using false credentials for years. Mr. Thompson’s “apology” was clearly insufficient and it seems that the only thing he actually regrets is that he has been caught in a lie and publicly exposed. Without any explanation or accountability, Yahoo! has been left to flounder under a discredited leader for an undefined period. So, after six days, we must ask – what is this Board waiting for?

    It seems farcical to us that the Board will most likely spend more time deliberating over whether Mr. Thompson should be fired than it did properly vetting whether he should have been hired. The necessary investigation into whether certain senior executives and Board Members knew of Mr. Thompson’s deceptions before hiring him should not delay decisive action over his ethical breaches.

    Third Point has over $1 billion invested in Yahoo! and we take no joy in witnessing this carnage. This Board’s unchecked value destruction must stop once and for all. Therefore, we once again call upon the Board to immediately (i) place Third Point’s entire slate on the Board replacing Mr. Thompson and Ms. Hart, (ii) appoint an interim CEO—we would suggest CFO Tim Morse or Head of Global Media Ross Levinsohn (assuming neither had any knowledge of Mr. Thompson’s fabrications) and (iii) allow Third Point nominee Michael Wolf to Chair the Search Committee for a new permanent CEO (Mr. Wolf will waive the $15,000 fee that Ms. Hart received for her work as Head of the Search Committee last year, which we expect she will promptly disgorge).

    This is the only way for Yahoo! to move past this embarrassing episode.

    Sincerely,
    Daniel S. Loeb
    Chief Executive Officer
    Third Point LLC

    / May 9, 2012 at 11:57 AM
  • billgrosspimco

    News

    Business Achievements Of “Indian Chief” Community Have Not Gone Unnoticed By Bill Gross

    My point about pigskin offense and defense is the perfect metaphor for the world of […]

    / Feb 28, 2012 at 12:05 PM
  • Communiqués

    Dan Loeb Counsels Yahoo To Do The Right Thing

    December 13, 2011 Board of Directors Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089 Attention: […]

    / Dec 13, 2011 at 6:15 PM
  • News

    OWS Mail Call: “You Will Learn To Love…Boxed Wine”

    Yesterday afternoon, the organizers of Occupy Wall Street announced that they’d be marching uptown to […]

    / Oct 28, 2011 at 4:13 PM
  • News

    High School Marching Band And Choir Of Thousands To Serenade Vikram Pandit Tomorrow Today

    Yes, it’s part of the Occupy Wall Street protest but still- his own personal marching […]

    / Oct 27, 2011 at 3:56 PM
  • Communiqués

    Bill Gross Would Have Beaten His Benchmark Had He Not Eaten Those 500 Basis Points

    Several weeks back, bond manager Bill Gross wrote a very personal letter to investors about […]

    / Oct 14, 2011 at 12:48 PM
  • taxes

    Warren Buffett Opens His Kimono Ever So Slightly…

    …and gives Congress a glimpse of the silver tuna. Want to see the full enchilada? […]

    / Oct 12, 2011 at 3:42 PM
  • News

    Dan Loeb Would Like A Word With The Yahoo Board

    Sayeth DL: Board of Directors Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089 Attention: Mr. […]

    / Sep 8, 2011 at 12:30 PM
  • News

    Citadel: E*Trade Would Be Better Off Without Mortgage Losses, Board, Independent Existence

    After a good first half, Citadel is getting so close to its high-water mark that […]

    / Jul 20, 2011 at 12:28 PM
  • News

    Research In Motion Will Not See Another Dime From One Incensed Private Equity Guy (Update)

    According to the 3,000 word email written by the ex-customer, RIM can kiss his $120/month […]

    / Jul 14, 2011 at 4:35 PM