There's confidence. There's chutzpah. And then there's Dan Loeb,
hedge fund king extraordinaire and head of Third Point Capital, who's
getting set to claim the World Heavyweight Championship of Balls... Matt Taibbi, Rolling Stone
Matt Taibbi's take down of Loeb seems to be inspired by Loeb's comments on Andrea Cousins and his links to Eva and Success Academy - he is on their board. Taibbi cuts him up:
Dan Loeb, who isn't known as the
biggest hedge-fund asshole still working on Wall Street (only because
Stevie Cohen hasn't been arrested yet), is on the board and
co-founder of a group called Students First New York. And the national
Students First organization has been one of the leading advocates
pushing for states to abandon defined benefit plans – packages which
guarantee certain retirement benefits for public workers like teachers –
in favor of defined contribution plans, where the benefits are not
guaranteed.In other words, Loeb has been soliciting the retirement
money of public workers, then turning right around and lobbying for
those same workers to lose their benefits.
The NYT had an interesting piece on Saturday:
Comment on Race Reopens New York Democrats’ Split Over Schools --
Politicians who have long benefited from Mr. Loeb’s generosity scurried for cover and distance. And his enemies pounced.
Mayor Bill de Blasio and his wife, Chirlane McCray, called on Friday for Mr. Loeb to step down from his post as chairman of Success Academy, a major charter schools network. Democratic groups in New York and beyond pushed Gov. Andrew M. Cuomo to return the $170,000 he had raised from Mr. Loeb and his wife over the years, including at a fund-raiser two years ago at Mr. Loeb’s Hamptons home.
The day’s events captured years of interwoven and lingering grievances that have defined Democratic politics in New York. On one side are left-leaning Democrats like Mr. de Blasio and the Assembly speaker, Carl M. Heastie, who have traditional ties to the powerful teachers union. On the other are those backed by donors who support charter schools, politicians like Mr. Cuomo and Senator Jeffrey D. Klein, the leader of the renegade Independent Democratic Conference.
Chalkbeat had links to all the articles on Loeb:
POOR POST In remarks made well before this weekend's
events, Daniel Loeb, chairman of Success Academy's board, sparked
outrage after writing that an African-American New York state senator
had done “more damage to people of color than anyone who has ever donned
a hood." Chalkbeat, Wall Street Journal, Politico New York, New York Times, New York Daily News, Business Insider, Newsweek
Mayor Bill de Blasio and Al Sharpton both called for Loeb's resignation. New York Daily News
The New York Post's editorial board defended Loeb, arguing that his
broader critique is correct, while the Daily News said he should "slink
away." New York Post, New York Daily News
Loeb gave the the maximum allowable donation to presumptive Republican mayoral nominee Nicole Malliotakis. Gotham Gazette
SPLITTING UP Democrats for Education Reform President Shavar Jeffries is no longer on the board of Success Academy, Politico reported on Monday. His departure highlights a growing divide among charter supporters about how to deal with the Trump administration. Chalkbeat, Politico
SPEAKING UP At a political rally on Monday,
New York State Senator Andrea Stewart-Cousins weighed-in on racial
comments by Success Academy chair Daniel Loeb. She stopped short of
calling for his removal after Loeb wrote on Facebook that the senator
has done “more damage to people of color than anyone who has ever donned
a hood.” Chalkbeat, New York Times
At the rally, pols called for Democrats to take control of the state
Senate, and Comptroller Scott Stringer said he will use a $4,500
donation from Loeb in 2011 to help make that happen. New York Daily News, Observer
The entire Taibbi article below the break:
Dan Loeb Simultaneously Solicits, Betrays Pension Funds
Union leaders – don't fund your demise by investing with this hedge fund king