Omega Advisors

For the most part, 2013 was not kind to Steve Cohen. The Feds put his balls in a jar and put that jar on Preet Bharara’s desk. One of his ex-employees went to trial for (and was later found guilty of) masterminding the “most lucrative insider trading scheme ever.” Other former traders helped bring the number of SAC alums indicted on securities fraud charges to nine. His genius idea to give out free hot dogs on the front lawn of SAC HQ failed to prevent a number of departures. He lost his biggest fan. For a lot of hedge fund managers, all of this would add up to moping around the office and turning in less than stellar work. For Steve Cohen, it meant turning up the Styx and getting down to business. Read more »

Overtime that was not for naught! Thanks to labor laws protecting LBBs, Tepper took home $2.2 billion last year. Other people who made some money in 2012: Read more »

  • 09 Nov 2012 at 12:56 PM

Leon Cooperman Has Nothing To Say About You-Know-Who

“I have extreme problems with my office due to the hurricane and that is where I am focused,” Cooperman wrote in response to a request for comment by Absolute Return about the reelection of Barack Obama, whose rise to power Cooperman previously likened to that of Adolf Hitler and who, by the by, is still yet to send a handwritten thank you note for “Inspired: My Life (So Far) in Poems,” the self-published memoir of Cooperman’s 14 year-old granddaughter. That comes through, maybe then he has something to say about the events of last Tuesday. [AR, earlier]

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 »

JPMorgan disclosed on May 10 that it had a $2 billion trading loss because of riskier-than-expected credit securities. Omega sold about two-thirds of its position the next day, taking a loss: The shares tumbled 9 percent on May 11, closing at $36.96. They traded at $36.78 yesterday. At Omega’s staff meeting in May, one of the portfolio managers suggests that JPMorgan shares may now be ridiculously cheap. Cooperman launches into a tirade about how Dimon has been unfairly pilloried by Representative Barney Frank and other critics. “I’m incensed by some of the sh– you’re reading,” Cooperman tells his managers. He says he’ll hold on to his remaining shares as a vote of confidence in Dimon. [Bloomberg Markets]

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Last week, Leon Cooperman held a conference call with Omega Advisors’ investors, in which he expressed frustration at a lack of palatable presidential candidates who have what it takes to make this country great. So dire is the situation that Cooperman told them that he’d just have to run for president himself. Was he kidding? No, he was not.

Cooperman insists that he was not kidding.

Why then, if he was so dead serious, has he not announced his candidacy? He was planning on hanging up the phone and having his secretary send out an email to his entire address book, importance marked ‘high as fuck,’ to do just that, but his investors held him back.

Cooperman…was talked out of it by his spooked investors, who urged him to continue managing their money.

While he sadly won’t be making a play for the Oval Office, Cooperman did take the time to jot down a couple of his ideas that any candidates are free to crib, entitled “Presidential Plan.” Read more »