A hedge fund manager's "investor letter" - really more of a staged, theatrical tantrum - has been getting a lot of attention lately. Daniel S. Loeb's diatribe demonstrates that banker greed is still out of control, and that it's as short-sighted and destructive as ever. The fact that Loeb is a registered Democrat and former Obama supporter doesn't matter as much as some people think. It's the same old story: Politics is just a means to an end, and the end in this case is self-enrichment.
If Loeb's pose as Hedge Fund Revolutionary seems like a ridiculous form of populism, remember: The Tea Party began with an angry outburst on the Chicago Board of Trade, from traders who were outraged that homeowners might be given a fraction of the aid bankers received. Loeb's letter is mostly a marketing ploy, but if he can become the Robespierre of the Hedge Fund Revolution I'm sure that would be fine with him too. more »
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