In a blistering, five-page missive published by CNBC on Thursday, former hedge fund manager and economic pontificator Leon Cooperman voiced the concerns of many people on Wall Street and in the finance industry, when he declared that Elizabeth Warren’s campaign was maligning self-made rich people in order to score cheap political points.
Cooperman, who is chairman and CEO of New York City-based Omega Advisors, derided Warren’s idea for a wealth tax—an idea “whose efficacy has widely been debunked,” Cooperman writes—but more broadly, he said the Massachusetts senator was overly focused on the problem of income inequality, when a more effective area for policymakers is to expand income opportunity instead.
