“[People] sitting at home getting their checks from the government, trading their stocks” are the problem’
The CEO of New York-based Omega Advisors took aim at the small investor’s buying up stocks that the “more knowledgeable” short-sellers had undervalued.
In layman’s terms, Cooperman’s upset by all those uneducated American cogs outwitting all of his Ivy League-educated friends…and they did it from their couch no less!
GameStop, Reddit, and Robinhood Oh, My!
For the past week, small investors have been using brokers like Robinhood to buy stocks of GameStop and several other companies, having discovered that hedge funds had been “nakedly” short-selling them – borrowing over 100 percent of the company’s stock to bet on its failure – to make a profit.
As a result, middle-class Americans are now cashing in, as hedge funds have taken over $70 billion in losses so far.
This had Cooperman screeching that investing through Robinhood is a “losers’ game”.
Going further he added that ‘GameStop is now overvalued because there are ‘speculators playing around who have no idea what they’re doing.’
Earlier in the day, Robinhood actually attempted to block further purchases of GameStop and several other stocks, while leaving the option to sell them open – triggering a class-action lawsuit in New York accusing the brokerage of “manipulating” the market.
Later in the show, Cooperman griped about the market conditions that led to this situation, denouncing calls from the ruling Democrats for the rich to pay a “fair share” in taxes.
“I hate that expression with a passion!” Cooperman said. “What does fair share mean?” He said he was willing to accept a marginal tax rate of 50 percent, but in places like California, Connecticut, New Jersey, and New York “you’re already well past that.”
This fair share is a bullshit concept! It’s just a way of attacking wealthy people.
BILLIONAIRE STOCK COPE: Hedge fund investor Leon Cooperman says he's being attacked by poor/middle-class investors ?
“People are sitting at home getting their checks from the government. This ‘fair share’ is a bullshit concept and is just a way to attack wealthy people.” pic.twitter.com/zEWkrUZnBq
— Coping MAGA (@CopingMAGA) January 28, 2021