The Next Time Leon Cooperman (Allegedly) Engages In Insider Trading, You Can Be Damn Sure It'll Be In Shares Of A Company Whose Execs Will Lie To The SEC For Him

God damn corporate hacks and their need to honest with the Securities and Exchange Commission.
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Put it up for sale! By AgnosticPreachersKid (Own work) [CC BY-SA 3.0], via Wikimedia Commons

via Wikimedia Commons

Hedge fund manager Leon Cooperman has been angry about a lot of stuff over the past few years: jerk investors who want better returns and lower fees; Hillary Clinton's supposed "crapping" on what he does for a living; and a certain sitting president, for failing to write his 14 year-old granddaughter a handwritten thank you note for her (self-published) book of poems. Now, the subject of his ire is most likely a corporate suit who didn't say "Sure, Leon, no problem," when the money manager made the small request of flat out lying to the SEC to cover up his (alleged) insider trading activity.

The Securities and Exchange Commission today charged hedge fund manager Leon G. Cooperman and his firm Omega Advisors with insider trading based on material nonpublic information he learned in confidence from a corporate executive. The SEC alleges that Cooperman generated substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma. Cooperman allegedly used his status as one of APL’s largest shareholders to gain access to the executive and obtain confidential details about the sale of this substantial company asset. Cooperman and Omega Advisors allegedly accumulated APL securities despite explicitly agreeing not to use the material nonpublic information for trading purposes, and when APL publicly announced the asset sale its stock price jumped more than 31 percent. According to the SEC’s complaint, when Omega Advisors received a subpoena nearly a year-and-half later about its trading in APL securities, Cooperman contacted the executive and tried to fabricate a story to tell if questioned about this trading activity. The executive was shocked and angered when he learned that Cooperman traded in advance of the public announcement.

SEC Charges Hedge Fund Manager Leon Cooperman With Insider Trading [SEC]

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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.