Politics: Hedge fund billionaire fires back at Warren: 'Your vilification of the rich is misguided' - - PressFrom - US
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Politics Hedge fund billionaire fires back at Warren: 'Your vilification of the rich is misguided'

01:15  01 november  2019
01:15  01 november  2019 Source:   news.yahoo.com

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Leon Cooperman, the billionaire former hedge fund manager, has taken umbrage at Ms. Warren and her platform. “However much it resonates with your base, your vilification of the rich is misguided ,” wrote Mr. Cooperman, the billionaire manager of the Omega Family Office, in an Oct.

The billionaire , who bootstrapped his way from the South Bronx to become one of the deans of the hedge fund industry, wrote the letter in a response Warren singled Cooperman out after the investor told Politico that while he believed in progressive taxation, he has fundamental disagreements with

Sen. Elizabeth Warren’s quest to be judged as a candidate by the enemies she makes got a boost this week from hedge fund mogul Leon Cooperman, who sent her a five-page letter complaining that she doesn’t know anything about billionaires, or him in particular.

Elizabeth Warren holding a microphone: Sen. Elizabeth Warren addresses a crowd in Florence, S.C. (Photo: Sean Rayford/Getty Images)© Provided by Oath Inc. Sen. Elizabeth Warren addresses a crowd in Florence, S.C. (Photo: Sean Rayford/Getty Images)

“However much it resonates with your base, your vilification of the rich is misguided,” Cooperman, whose fortune has been estimated at over $3 billion, wrote to Warren, in a letter made public Thursday afternoon. He said the Massachusetts Democrat, who is running for president on a platform that includes a wealth tax on large fortunes, has “demonstrated a fundamental misunderstanding of who I am, what I stand for, and why I believe so many of your economic policy initiatives are misguided.”

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FORBES MAGAZINE recently ranked the richest hedge fund managers in the United States by estimated net worth. The supposedly sophisticated investors pay the hedge fund manager a management fee of 2% of the assets under management — in some cases higher if the manager is in

When several hedge fund managers fell off the list of the nation’s 400 richest people last year, some wealth watchers took it as a sign of a changing It’s also worth noting that the hedge fund billionaire is an almost uniquely American species. Mr. Vardi said that Forbes had found no such billionaires in

Warren’s tax agenda has become a lightning rod for criticism by the ultrawealthy, including some, like Cooperman, who identify as political moderates. “What is wrong with billionaires?” Cooperman complained to Politico in a story that appeared last week. “You can become a billionaire by developing products and services that people will pay for.

“I believe in a progressive income tax and the rich paying more,” he went on, before accusing Warren of “s***ing” on the “American dream.”

Warren responded in a tweet, writing, “Leon, you were able to succeed because of the opportunities this country gave you. Now why don’t you pitch in a bit more so everyone else has a chance at the American dream, too?”

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Hedge - fund managers usually charge their clients a management fee and take a percentage of the profits. Here are the richest hedge - fund Using Forbes 2019 report, Markets Insider compiled a list of the wealthiest hedge - fund billionaires . Here are the richest hedge - fund managers in the world

There's a great piece in The Wall Street Journal about how Wall Street's masters of the universe

Cooperman’s letter recounted his “classic American success story.” The son of an immigrant plumber in the Bronx, he attended public schools and New York City’s then tuition-free Hunter College, graduating with a “negative net worth” before going to work for the investment bank Goldman Sachs.

He described in detail his charitable donations to education and other causes, including the establishment of Cooperman College Scholars, a program to help disadvantaged high school students apply to and attend college. He wrote that Warren’s critiques of the wealthy ignore “the substantial contributions to society which they already, unprompted by you, make” — singling out Mike Bloomberg, Bill Gates, Google founders Larry Page and Sergey Brin and the three co-founders of Home Depot.

The letter didn’t discuss the many billionaires, including one prominent New York City real estate developer who went on to run for president, who give little or nothing to charity.

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There's a great piece in The Wall Street Journal about how Wall Street's masters of the universe

George Soros is the world’s richest hedge fund billionaire with an estimated net worth of .2 billion. Ray Dalio is the founder of the world's biggest hedge fund firm, Bridgewater Associates His big Pure Alpha hedge fund suffered losses in the first half of 2016, but bounced back to end the

Much of Cooperman’s letter consisted of a point-by-point refutation of Warren’s claims for her wealth tax plan, which calls for a 2 percent annual tax on the portion of personal fortunes above $50 million. He said it would be counterproductive and discourage investment and business growth.

After objecting to the way Warren “proceeded to admonish me (as if a parent chiding an ungrateful child)” in her tweet, he informed Warren, a leading scholar of American personal finance, that “typically, unless born to money or married into it, people become rich by providing a product or service that others want and are willing to pay for.”

The service that made Cooperman his fortune was a hedge fund, an investment vehicle tailored to the already wealthy.

The richest family in America, the descendants of Walmart founder Sam Walton, worth an estimated $190 billion cumulatively, were, of course, “born to money,” as was the runner-up, the heirs to the Mars candy fortune.

There was no immediate response to the letter from Warren.

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Elizabeth Warren and Bernie Sanders take swipes at billionaire Michael Bloomberg in response to his potential presidential bid .
Both senators have proposed taxes on ultra-wealthy Americans, much to the dismay of billionaire philanthropists like Bill Gates and Leon Cooperman.Warren welcomed Bloomberg to the 2020 race with a tweet, but the welcome came with an edge as she added a link to her billionaire calculator, which calculates the tax rate of the billionaires under her proposed wealth tax.

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