Alas, there is no answer.
President Barack Obama, asked about former Treasury Secretary Larry Summers as a candidate for Federal […]
Book excerpt: Adam Baldwin’s “Heroes and Villains of Finance” is a fascinating dive into the history of money as an institution, highlighting the fifty most significant figures that, rightly or wrongly, are responsible for the financial landscape we live in today.
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.
By the time that Obama ran for President, in 2008, his relations with the financial […]
– Losing so much money that a rogue trader’s $2billion loss barely registered above ‘meh’ on the Do We Care scale
– Awarding 4-figure bonuses to managing directors
– Employing a guy who “implored bankers to make a more concerted effort to streamline the firm and likened the strategy to slashing expenses like a ‘Jewish shopkeeper’”
– Having their entire healthcare team decide Jeffereies is a better place to work
– Being scammed by a bunch of ops guys
– Pulling a reverse Field of Dreams and spending all the money it didn’t have to build a 103,000-square-foot trading floor, in a 700,000-square-foot building, that no one wants to work on
– Getting no respect from the people of Stamford, who’d prefer “a nice big Costco” move into the space
– Having to distribute a step-by-step guide re: how to tie a tie
And yet, rather than feel some measure of humiliation about, for instance, the PowerPoint admission that their grown men employees don’t know how to dress themselves or taking the time to send out a memo that reads “Subject: Hey, Body: Stop losing so much fucking money!”, the bank’s execs are going with this:
…Robert Wolf, a top UBS executive in New York, is among President Obama’s leading fund-raisers, building more than $500,000 for his re-election so far this year. A regular presence at big campaign fund-raisers, Mr. Wolf, who is 50, golfs and vacations with Mr. Obama and is known for e-mailing friends photos of himself with the president. While such a close relationship might have been envied by other bankers in 2008, when much of Wall Street was infatuated with Mr. Obama and donated heavily to his presidential bid, it has been making other UBS executives uneasy of late…With media reports pointing out that one of the bank’s top executives is also one of the Obama campaign’s top bundlers — a word that one UBS executive said “makes people’s hair stand on end” inside the bank — the Swiss banking giant has decided to take an unusual step.
The bank’s powerful group executive board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm’s press office. Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf…“You will clear any and all communications with the press as far in advance as possible,” the directive to Mr. Wolf read. “With respect to activities outside UBS you will, on a best-efforts basis, keep corporate communications informed.”
Bosses Reign In Banker Who Golfs With Obama [Dealbook]
Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their “missing” back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn’t seen a dime.
Sadly, it doesn’t look like President Dozier-Carter will be seeing any money any time soon, as MF Global’s lawyers have filed a motion dismiss her claim, calling them “patently absurd on their face.” In related news, this isn’t the first time ADCBO has been screwed out of money rightfully owed to her.
On January 27, 2010, Ms. Dozier-Carter filed two more complaints in the Court of Federal Claims, identified as case numbers 10-63 and 10-64. In Complaint 10-63, Ms. Dozier-Carter seeks $25 million as a reward for capturing Saddam Hussein. In Complaint 10-64, Ms. Dozier-Carter seeks $400,000 in annual salary and expenses because she allegedly “took the Oath of Office for the 44th President of the United States of America as Barack Obama[.]”
This is far from over.
From the front lines:
From: Whitney Tilson
Sent: Wednesday, April 11, 2012 11:20 AM
Subject: My column: “A millionaire for higher taxes”
In DC, just chatted with Obama and stood behind him at his press conference re the Buffett rule. Just published the column below on the Washington Post web site.
As I shook his hand beforehand, I said, “Hi Mr. President, I’m Whitney Tilson of Democrats for Education Reform. We were early supporters of yours and I just wanted to thank you and Arne Duncan for the incredible work you’re doing.”
His eyes lit up and he said, “I remember your early support. We’re making progress but we still have a lot of work to do.”
I said, “We’ll keep fighting for you” as he was hustled out of the room to start the press conference.
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