In a letter sent yesterday morning to a group of
Democrat-leaning hedge fund managers and investors who have
actively supported President Obama, Dan Loeb explained-in a way
only he could-that the President is "just not that into"
Loeb's enmity toward the current administration's policies has
been evident at least since an August 27 letter to investors,
in which the founder of Third Point and former Obama supporter,
said the President and his team, by proposing to raise taxes on
hedge funds and private equity managers, were creating a
hostile environment for investors. And in his third quarter
investor letter, sent to clients yesterday, Loeb continued
bashing the administration, saying that Federal Reserve
chairman Ben Bernanke's recent appearance on CBS show 60
Minutes "came off as a staged infomercial." He also accused
Obama of suffering from cognitive dissonance for supporting
policies that have been rejected by the electorate.
It has been a sharp reversal for Loeb, who was a major
supporter of Obama and helped raise hundreds of thousands of
dollars for his 2008 campaign. In yesterday's letter to the
political supporters, Loeb implied that Obama never wanted his
ideas, only his money.
The letter was sent at about 10 a.m. yesterday to a group that
included Frank Brosens of Taconic Capital Advisors, James
Chanos of Kynikos Associates, Marc Lasry of Avenue Capital
Group and Eric Mindich of Eton Park Capital Management, among
others, according to an individual who has seen the
The letter, which compares wealthy investors' continued support
of Obama's policies to battered wife syndrome, is addressed
"Dear Friends/battered wives."
It is that time of year and I just thought of the perfect
gift in light of some of you. In case the President's hostage
rant wasn't enough to turn you off, I thought I'd buy any of
you a great book for gals who just keep on pursuing the wrong
guy. Made popular on Oprah a few years back, "He's Just Not
That Into You" seems like the perfect holiday stocking
stuffer for true blue Democrats who just can't get enough of
our President's smack downs on hard working successful
Americans known as "the 2%."
Loeb goes on to argue, with tongue firmly in cheek, that
Obama can be placated if his old supporters just keep quiet
despite taking his rhetorical abuse.
I am sure, if we are really nice and stay quiet,
everything will be alright and the President will become more
centrist and that all his tough talk is just words; I mean he
really loves us and when he beats us, he doesn't mean it; he
just gets a little angry....
Continuing the trope, Loeb says Obama is a different guy in
I mean when I am alone with him-at $30,000 a plate fund
raisers-he's really nice and once I got invited to the White
House! It was so cool, because I could tell all my
friends...and when he gives speeches, I mean I get to sit in
the front row and my friends see me on TV.....and he usually
doesn't hit me in the face [so] it doesn't show except for
that one time...he's not that bad really, unless he gets
drunk (from power)
Loeb then notes that Obama "really does love me or he
wouldn't invite me to all those $30,000 a plate fund raisers
and ask my opinion all the time, right?"
He closes by advising the letter's recipients to read
yesterday's column by Daniel Henninger, deputy editor of
The Wall Street Journal's editorial board.
Third Point did not immediately have a response.