Leon Cooperman, Daniel Och Excommunicated From Goldman Alumni Association

Which in a way is worse than bribery convictions and insider trading charges.
Author:
Publish date:
You're done here, hombres. (Getty Images)

You're done here, hombres. (Getty Images)

Sure, Goldman Sachs has had its fairshareoflegaltroubles. I mean, who hasn’t? But bribery? Insider trading? Supporting Donald Trump? Lloyd Blankfein and Co. have no idea where people would learn such nefarious things at God’s own investment bank. And they certainly aren’t going to have their and their employees' savings handled by such people. And so like Daniel Och before him, Leon Cooperman’s got to go. From their retirement plan, anyway.

Goldman Sachs Group Inc.’s retirement plan is pulling about $300 million from Leon Cooperman’s Omega Advisors Inc., marking the second time this year it’s cutting ties with a famous alum who ran afoul of U.S. authorities….

In August, the Goldman Sachs retirement plan said it would pull about $350 million from Daniel Och’s Och-Ziff Capital Management Group LLC as the U.S. investigated whether a unit paid bribes in Africa. After exiting Omega and Och-Ziff, 401(k) participants who want to invest with an external hedge fund manager will be left with only one option: investments managed by Lee Ainslie’s Maverick Capital, said the person.

So keep your goddamned nose clean, Lee.

Goldman Employees Pull $300 Million From Omega Advisors [Bloomberg]
Goldman Employees to Pull $350 Million From Och-Ziff Fund [Bloomberg]

Related