Updated:

Jan 14, 2019

Original:

Sep 22, 2016

Leon Cooperman Thinking Of Taking A Page From Steve Cohen's Playbook

L. Coops doesn't need you. He doesn't need any of you!

Author:

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No, not giving employees free hot dogs during this stressful time or cultivating a relationship with a spiky-haired celebrity chef...

Hours after the charges, Mr Cooperman suggested he could turn Omega into a family office. If the company’s management decides the regulatory challenges are too much of a distraction, they will voluntarily return money to investors. More than a third of the firm’s $5.4bn in assets, down by half from the peak in 2014, is money from its partners. If Mr Cooperman does take that route, he will have company. Mr Cohen is running a family office while he waits for his ban to expire.

As a reminder, Steve Cohen didn't convert SAC Capital into family office Point72 Asset Management because he wanted to be closer to his nieces and nephews, he did it because SEC said he had to.

SEC’s pursuit of Leon Cooperman rattles hedge fund industry [FT]

Earlier: Leon Cooperman Is Having None Of These Insider Trading Charges Against Him

Put it up for sale! By AgnosticPreachersKid (Own work) [CC BY-SA 3.0], via Wikimedia Commons

God damn corporate hacks and their need to honest with the Securities and Exchange Commission.

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.

This'll do. By Maniago (Own work) [Public domain], via Wikimedia Commons

What? Hotels are a racket and you can't trust the kids at AirBnB!

By U.S. Securities and Exchange Commission (SEC) [Public domain], via Wikimedia Commons

"We've done nothing improper."

Getty Images

FYI.

LeonCooperman

Without spite to keep him going, there’s just no reason for him to run a hedge fund anymore.

Cooperman.High

Welcome to the future, Coop Dogg.

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