Convicted insider hedge fund billionaire and insider negotiator Leon Cooperman criticizes ‘people at home negotiating their COVID checks’ on GameStop and says the recovery ‘will end badly’
- Leon Cooperman attacked small investors, fueling the increase in GameStop shares
- The billionaire hedge fund manager gave his opinion on the controversy at CNBC
- Cooperman attributed the frenzy to people who exchanged their stimulus checks
The billionaire hedge fund manager, Leon Cooperman, attacked small investors, fueling the increase in GameStop shares, while warning that the rise “will end badly”.
The CEO of Omega Advisors, who was convicted of insider trading in 2016, pondered the controversy in an interview with CNBC, where he blamed the current state of the stock market on the near-zero interest rates imposed by the government.
“The reason the market is doing what it is doing is that people are sitting at home, receiving their checks from the government, basically trading without commissions and without interest rates,” he said.
Leon Cooperman attacked small investors, fueling the increase in GameStop shares during an interview with CNBC on Thursday
Omega Advisors’ CEO was convicted of insider trading in 2016 and has a reported net worth of $ 3.2 billion
– I’m not saying they’re stupid. Show me a guy with a good track record consistently, and I’ll show you a smart guy. ‘
The 77-year-old businessman is not among the hedge fund managers struggling with losses as a result of the sudden increase, but he warned that the situation would end “badly” when “water reaches its own level”.
– I’m not cursing them. I’m just saying, from experience, it will end in tears, ‘he added.
Cooperman, who has an estimated net worth of $ 3.2 billion, openly criticizes the policies proposed by Democrats to tax the rich, as well as saying that the rich do not pay their “fair share”.
The idea seemed to hit the nerve again in Thursday’s interview, where Cooperman claimed a way to punish the rich.
Robinhood on Thursday morning displayed an alert telling users who owned GameStop that they could sell the stock but not buy it. Other users saw the message ‘This stock is not compatible with Robinhood’
Cooperman’s collapse in the air quickly went viral, with users ridiculing the billionaire
‘This lot is a concept of bulls **. It’s just a way to attack rich people, and I think it’s inappropriate, ‘he said. ‘We all have to work together and work together.’
Despite being highly critical of a predominantly liberal policy, Cooperman admitted that he voted for Biden because he voted ‘for my values, not my wallet’.
Clips of the crisis in Cooperman’s air quickly ended up on social media, where users couldn’t help but savor the contempt of the billionaire.
The interview made comparisons to Cooperman’s rivalry with Senator Elizabeth Warren when she launched a campaign against Wall Street in 2019.
Cooperman called the presidential candidate’s proposal to put a new tax on the richest people in the country out of a plan to “penalize success” and said his ideas “didn’t make sense”.
In a subsequent interview with CNBC, Cooperman wept as he was moved to complain that Warren was painting the billionaires as ‘deadbeat’ in a clip that later went viral.
Cooperman cried during an interview with CNBC in 2019 when he complained that Senator Elizabeth Warren was painting billionaires as “swindlers”