The New Yorker:SUPER-RICH IRONY

SUPER-RICH IRONY
Why do billionaires feel victimized by Obama?
BY CHRYSTIA FREELAND

One night last May, some twenty financiers and politicians met for dinner in the Tuscany private dining room at the Bellagio hotel in Las Vegas. The eight-course meal included blinis with caviar; a fennel, grapefruit, and pomegranate salad; cocoa-encrusted beef tenderloin; and blue-cheese panna cotta. The richest man in the room was Leon Cooperman, a Bronx-born, sixty-nine-year-old billionaire. Cooperman is the founder of a hedge fund called Omega Advisors, but he has gained notice beyond Wall Street over the past year for his outspoken criticism of President Obama. Cooperman formalized his critique in a letter to the President late last year which was widely circulated in the business community; in an interview and in a speech, he has gone so far as to draw a parallel between Obama’s election and the rise of the Third Reich.
The dinner was the highlight of the fourth annual SkyBridge Alternatives Conference, known as salt, a convention orchestrated by the fund manager Anthony Scaramucci; it brings together fund managers with brand-name speakers and journalists for four days of talking and partying. The star guest at the dinner was Al Gore, who was flanked by Antonio Villaraigosa, the mayor of Los Angeles, and the New York hedge-fund investor Orin Kramer, a friend of Gore’s and a top Obama fund-raiser.
Discussion that night was wide-ranging. The group talked about Apple, on whose board Gore sits, and Google, where Gore is a senior adviser, as well as climate change and energy policy. The most electric moment of the evening, though, was an exchange between Cooperman and Gore. Heavyset, with a lumbering gait, Cooperman does not look like a hedge-fund plutocrat: Scaramucci affectionately describes him as “the worst-dressed billionaire on planet earth.” Cooperman’s business model isn’t flashy, either. He began his finance career as an analyst of consumer companies at Goldman Sachs, and went on to make his fortune at Omega as a traditional stock-picker. He searches for companies that are cheap and which he hopes to sell when they become dear. (In 1998, Cooperman made a foray into emerging markets, investing more than a hundred million dollars as part of a bid to take over Azerbaijan’s state oil company, but it went badly wrong. His firm lost most of its money and paid five hundred thousand dollars to settle a U.S.-government bribery investigation.) Cooperman had come to the dinner to give Gore a copy of the letter he’d written to President Obama. “I’d like you to read this,” he told the former Vice-President. “You owe me a small favor. I voted for you,” he said, referring to Gore’s Presidential run, in 2000.
In the letter, Cooperman argued that Obama has needlessly antagonized the rich by making comments that are hostile to economic success. The prose, rife with compound metaphors and righteous indignation, is a good reflection of Cooperman’s table talk. “The divisive, polarizing tone of your rhetoric is cleaving a widening gulf, at this point as much visceral as philosophical, between the downtrodden and those best positioned to help them,” Cooperman wrote. “It is a gulf that is at once counterproductive and freighted with dangerous historical precedents.”


http://www.newyorker.com/reporting/2012/10/08/121008fa_fact_freeland?currentPage=1