#HEDGEPAPERS NO.6: DANIEL LOEB
DANIEL LOEB: BAD BEHAVIOR, BAD POLITICS, BAD KARMA
A yoga devotee is calm, spiritual and concerned about the welfare of others—unless the yoga devotee in question is Dan Loeb, who is known for publicly excoriating executives and relentlessly pursuing the accumulation of more wealth than most people could spend in a hundred lifetimes.
Is there some a quest for cosmic karma behind Loeb’s penchant for yoga? Does he need spiritual cover to offset an excess of materialism? Does the search for inner peace stem from an incident in Cuba in which he was detained for striking a child with a car?[1]
Or does Loeb, whose wife is a former yoga instructor, approach yoga the way his hedge funds approach corporate operations? You take some elements of yoga and dump the inconvenient ones, you split apart a company and jettison some jobs. » read more
BAD KARMA: A LAVISH LIFE OF LUXURY (OFF THE NOBLE PATH)
A rising member of the Forbes list of “The World’s Billionaires,” Loeb’s net worth is now estimated at $2.5 billion.[2]
If it seems hard to reconcile this unbelievable fortune with Loeb’s enlightened persona, take this quote from Loeb himself:[3]
“Going around India with a begging bowl is the easy way out… It’s an excuse for not doing anything with your life, and that’s not my style. … Companies are short, management’s trying to defraud us, and I’m like Rambo in the office, headset on, three computers in front of me, mowing them all down… Yoga is all about focus and perfect aim.”
To reconcile his yoga interest and his cutthroat approach to business, Loeb must invoke logical contortions that require far more flexibility than any yoga position.
However, it’s hard to square Loeb’s actions and words with the teachings of his former yogi,[4] Pattabhi Jois, who said, “Yoga is universal…but don’t approach yoga with a business mind looking for worldly gain.”[5]#HedgePapers No.6: Daniel Loeb — Hedge Clippers:
WHO ARE THE HEDGE CLIPPERS?
The Hedge Clippers are working to expose the mechanisms hedge funds and billionaires use to influence government and politics in order to expand their wealth, influence and power. We’re exposing the collateral damage billionaire-driven politics inflicts on our communities, our climate, our economy and our democracy. We’re calling out the politicians that do the dirty work billionaires demand, and we’re calling on all Americans to stand up for a government and an economy that works for all of us, not just the wealthy and well-connected.
The project is supported by the Strong Economy for All Coalition, a coalition of labor unions and community groups working to fight income inequality and build shared prosperity and economic & social justice in New York and around the country.
