kottke.org posts about Leon Cooperman

Super-rich private equity crybabies vs. ObamaOct 01 2012

In this week's New Yorker, Chrystia Freeland writes about how the ultra-rich have taken a dislike to President Obama and his anti-business policy and rhetoric, even though the President "has served the rich quite well". This article is infuriating, a bunch of very powerful men (and they are all men) sitting around crying about their powerlessness. A few choice quotes:

Cooperman regarded the comments as a declaration of class warfare, and began to criticize Obama publicly. In September, at a CNBC conference in New York, he compared Hitler's rise to power with Obama's ascent to the Presidency, citing disaffected majorities in both countries who elected inexperienced leaders.

Strong argument there. Per Godwin, that should have been the end of it.

Evident throughout the letter is a sense of victimization prevalent among so many of America's wealthiest people. In an extreme version of this, the rich feel that they have become the new, vilified underclass.

Underclass! Boo hoo! Do you want some cheese with that 2005 Petrus?

T. J. Rodgers, a libertarian and a Silicon Valley entrepreneur, has taken to comparing Barack Obama's treatment of the rich to the oppression of ethnic minorities -- an approach, he says, that the President, as an African-American, should be particularly sensitive to.

Yes, I can imagine the President nodding, upset at missing the obvious parallel here. The police chasing hedge fund managers through the streets of lower Manhattan with firehoses is a scene that I will never forget.

[Founding partner of the hedge fund AQR Capital Management Clifford S. Asness] suggested that "hedge funds really need a community organizer," and accused the White House of "bullying" the financial sector.

Clifford S. Asness swinging from the bathroom door knob by his underwear. Clifford S. Asness called "Assness" in trigonometry class. Nude photos taken of Clifford S. Asness in the locker room and distributed to the freshman girls. Clifford S. Asness teased so mercilessly about his acne that he has to stay home from school throwing up from the emotional pain of being so thoroughly and callously rejected by one's peers.

In 2010, the private-equity billionaire Stephen Schwarzman, of the Blackstone Group, compared the President's as yet unsuccessful effort to eliminate some of the preferential tax treatment his sector receives to Hitler's invasion of Poland.

Hitler again! Obama is obviously a fascist communist.

"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 said. "Not totally different from taking Adolf Hitler in Germany and making him in charge of Germany because people were economically dissatisfied.

Hitler, take three. Stick with what you know.

He was a seventy-two-year-old world-renowned cardiologist; his wife was one of the country's experts in women's medicine. Together, they had a net worth of around ten million dollars. "It was shocking how tight he was going to be in retirement," Cooperman said. "He needed four hundred thousand dollars a year to live on. He had a home in Florida, a home in New Jersey. He had certain habits he wanted to continue to pursue.

Shocking. Needed. Certain habits.

People don't realize how wealthy people self-tax. If you have a certain cause, an art museum or a symphony, and you want to support it, it would be nice if you had the choice.

We didn't realize that. And it's such an either-or thing too...can't pay your taxes *and* help the Met buy a Vermeer.

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