Leon Cooperman
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Leon G. Cooperman (born April 25, 1943) is an American
billionaire A billionaire is a person with a net worth of at least 1,000,000,000, one billion units of a given currency, usually of a major currency such as the United States dollar, euro, or pound sterling. It is a sub-category of the concept of the ultr ...
investor and hedge fund manager. He is the chairman and
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of Omega Advisors, a New York-based investment advisory firm managing over $3.3 billion in
assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...
, the majority consisting of his personal wealth. In September 2016 the
U.S. Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
charged Cooperman and Omega Advisors with
insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...
, more specifically for "trading stocks, bonds and
call option In finance, a call option, often simply labeled a "call", is a contract between the buyer and the seller of the call Option (finance), option to exchange a Security (finance), security at a set price. The buyer of the call option has the righ ...
s of Atlas Pipeline Partners in July 2010 on information he obtained from an executive at the company." Cooperman's firm agreed to a $4.9 million settlement with the SEC in May 2017 but admitted no wrong-doing. As part of the settlement, Cooperman and Omega agreed to be subject to a compliance monitor with access to their electronic communications and trading records and to submit monthly certifications that they had not engaged in insider trading until 2022.


Early life and education

Cooperman was born to a Jewish family in the
South Bronx The South Bronx is an area of the Boroughs of New York City, New York City borough of the Bronx. The area comprises neighborhoods in the southern part of the Bronx, such as Concourse, Bronx, Concourse, Mott Haven, Bronx, Mott Haven, Melrose, B ...
, New York City. He is the son of immigrants from Poland. Cooperman was the first in his family to earn a college degree. As an undergraduate at
Hunter College Hunter College is a public university in New York City, United States. It is one of the constituent colleges of the City University of New York and offers studies in more than one hundred undergraduate and postgraduate fields across five schools ...
, Cooperman joined and was an active member of the fraternity
Alpha Epsilon Pi Alpha Epsilon Pi (), commonly known as AEPi, is a college Fraternities and sororities, fraternity founded at New York University in 1913. The fraternity has more than 150 active chapters across the United States, Canada, United Kingdom, and Israel ...
. After graduating, he became a quality control engineer at
Xerox Xerox Holdings Corporation (, ) is an American corporation that sells print and electronic document, digital document products and services in more than 160 countries. Xerox was the pioneer of the photocopier market, beginning with the introduc ...
in 1965. Cooperman later received his
MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...
from
Columbia Business School Columbia Business School (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and one of ...
, graduating in 1967. He is also a
Chartered Financial Analyst The Chartered Financial Analyst (CFA) program is a postgraduate professional certification offered internationally by the US-based CFA Institute (formerly the Association for Investment Management and Research, or AIMR) to investment and financia ...
.


Investment career


Early career and Goldman Sachs

Directly after graduating from Columbia, Cooperman joined Goldman Sachs. He spent his first 22 years at Goldman in the investment research department as partner-in-charge, co-chairman of the investment policy committee, and chairman of the stock selection committee. In 1989, he became chairman and chief executive officer of Goldman Sachs Asset Management and was chief investment officer of the equity product line including managing the GS Capital Growth Fund, an open-end mutual fund, for one and one-half years. While at
Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...
, Cooperman was voted the number one portfolio strategist in the ''
Institutional Investor An institutional investor is an entity that pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked ...
'' "All-America Research Team" survey for nine consecutive years. At the end of 1991, after 25 years, Cooperman retired from his positions as a general partner of Goldman, Sachs & Co. and as chairman and chief executive officer of Goldman Sachs Asset Management.


Omega

After leaving Goldman Sachs, he organized a private investment partnership, Omega Advisors, Inc. Cooperman retired in 2016 and converted Omega to a
family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer ...
.


2016 SEC investigation

On September 21, 2016, Cooperman was charged with
insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider informati ...
by the
U.S. Securities and Exchange Commission The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market m ...
.SEC News Press Release: "SEC Charges Hedge Fund Manager Leon Cooperman With Insider Trading"
September 21, 2016
He denied the charges. Cooperman faced criminal charges in a related parallel proceeding and has asserted his Fifth Amendment right against self-incrimination before a SEC hearing. In May 2017 Cooperman's firm agreed to a $4.9 million settlement with the SEC. As part of the agreement, Omega Advisers admitted no wrongdoing. As part of the settlement, Cooperman and Omega agreed to ongoing compliance monitoring until 2022. The monitoring includes being subject to an onsite compliance monitor with access to their electronic communications and trading records. In addition, Cooperman and Omega must submit monthly certifications that they were not aware of material nonpublic information prior to any securities trades. Following the settlement, Cooperman commented: "The process in my opinion was totally abusive. It's a problem that the government should address," and "My lawyers told me that the probability of my winning would be overwhelmingly high, that if I didn't win it had nothing to do with the merits of the case," he said. SEC officials declined to comment.


Personal life

With his wife Toby, he has two sons, Wayne and Michael, and three grandchildren.New Jersey Jewish News: "Family's $5 million gift is devoted to continuity - Cooperman Fund will help Birthright, camps, and teen philanthropy" by Johanna Ginsberg
February 10, 2010
Since the late 1970s, Cooperman has been a resident of the Short Hills neighborhood of
Millburn, New Jersey Millburn is a suburban Township (New Jersey), township in southwestern Essex County, New Jersey, Essex County, within the U.S. state of New Jersey, and part of the New York metropolitan area. As of the 2020 United States census, the township's ...
, but he spends the majority of his time in
Boca Raton, Florida Boca Raton ( ; ) is a city in Palm Beach County, Florida, United States. The population was 97,422 in the 2020 United States census, 2020 census and it ranked as the 23rd-largest city in Florida in 2022. Many people with a Boca Raton Address, ...
. He has an
honorary doctorate An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or '' ad hon ...
in finance from
Roger Williams University Roger Williams University (RWU) is a private university in Bristol, Rhode Island, United States. Founded in 1956, it was named for theologian and Rhode Island cofounder Roger Williams. The school enrolled approximately 4,400 undergraduate and ...
in
Rhode Island Rhode Island ( ) is a state in the New England region of the Northeastern United States. It borders Connecticut to its west; Massachusetts to its north and east; and the Atlantic Ocean to its south via Rhode Island Sound and Block Is ...
. In 2012, Cooperman was included in the 50 Most Influential list of ''
Bloomberg Markets ''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial m ...
'' magazine. ''Forbes'' listed Cooperman as one of the 40 Highest-Earning hedge fund managers in 2013. In the following year, the publication listed him among the top 25.


Political and economic views

In recent years, Cooperman has primarily donated to Republican political campaigns. In November 2011, Cooperman gained attention for an open letter to
U.S. President The president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the Federal government of the United States#Executive branch, executive branch of the Federal government of t ...
Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American politician who was the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American president in American history. O ...
in which among other things charged the president with engaging in class warfare. In 2019, he criticized Democratic 2020 presidential candidate
Elizabeth Warren Elizabeth Ann Warren (née Herring; born June 22, 1949) is an American politician and former law professor who is the Seniority in the United States Senate, senior United States senator from the state of Massachusetts, serving since 2013. A mem ...
's proposal to implement a wealth tax. He said it would lead to "unnatural acts, be near impossible to police, and is probably unconstitutional." He said that the stock market would drop by 25% if Warren was elected. In an interview on CNBC, Cooperman criticized the potential Warren wealth tax and its implications on his billion dollar fortune. His criticism of the hypothetical tax increase was then used as part of a
Bernie Sanders Bernard Sanders (born September8, 1941) is an American politician and activist who is the Seniority in the United States Senate, senior United States Senate, United States senator from the state of Vermont. He is the longest-serving independ ...
2020 presidential campaign advertisement. During the January 2021
GameStop short squeeze In January 2021, a short squeeze of the stock of the American video game retailer GameStop and other Security (finance), securities took place, causing major financial consequences for certain hedge funds and large losses for Short (finance), ...
, Cooperman appeared on
CNBC CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Day ...
to discuss the situation, angrily saying it was caused by "people sitting at home getting checks from the Government". The checks were part of the United States response to the
COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...
. He also attacked
President Biden Joseph Robinette Biden Jr. (born November 20, 1942) is an American politician who was the 46th president of the United States from 2021 to 2025. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and re ...
, for whom he said he had voted, regarding potential capital gains tax increases, saying "the fair share is a bullshit concept" and "it was just a way of attacking wealthy people". CNBC later cut that portion of the video from their online article about his appearance. In October 2023, Cooperman decided to stop donating to Columbia University amid student's protests of
Gaza war The Gaza war is an armed conflict in the Gaza Strip and southern Israel fought since 7 October 2023. A part of the unresolved Israeli–Palestinian conflict, Israeli–Palestinian and Gaza–Israel conflict, Gaza–Israel conflicts dating ...
, “We have one reliable ally in the Middle East — that’s Israel. We only have one democracy in the Middle East — that’s Israel, okay? And we have one economy tolerant of different people — gays, lesbians, etc. And that’s Israel,” Cooperman said while speaking on Fox Business's ''The Claman Countdown''. Cooperman also called for the firing of Professor Joseph Massad who described Hamas’ deadly attack on Israel as “awesome” and “astounding.” He later said that "Columbia has been too slow to respond and to recognize these shitheads for what they are."


Philanthropy

Signatories of
The Giving Pledge The Giving Pledge is a charitable campaign, founded by Bill Gates and Warren Buffett, to encourage wealthy people to contribute a majority (i.e. more than 50%) of their wealth to philanthropic causes. , the pledge has had 236 signatories from 28 ...
, Cooperman and his wife joined the cause in 2010, which is a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to charitable efforts. Cooperman and his family committed $5 million in 2010 as a permanent fund intended to anchor activities supporting Jewish identity and continuity among young adults. The Cooperman Family Fund for a Jewish Future endowment of
Birthright Israel Taglit-Birthright Israel (), also known as Birthright Israel or simply Birthright, is a free ten-day heritage trip to Israel, Jerusalem, and the Golan Heights for young adults of Jewish heritage between the ages of 18 and 26. The program is spon ...
, was the first endowment of this kind in the country. Cooperman donated $25 million to his alma mater,
Columbia Business School Columbia Business School (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and one of ...
, in 2011. The donation was given to support the construction of new facilities in New York's Manhattanville neighborhood, including a new facility for Columbia's Graduate School of Business. In April 2014, the Leon and Toby Cooperman Family Foundation pledged $25 million to the
Saint Barnabas Medical Center Cooperman Barnabas Medical Center (CBMC), formerly Saint Barnabas Medical Center (SBMC), is a 597-bed non-profit major teaching hospital located in Livingston, New Jersey. An affiliate of RWJBarnabas Health (formerly known as Barnabas Health and ...
for the construction of a new 200,000 square-foot Cooperman Family Pavilion. In September 2021, the Leon and Toby Cooperman Family Foundation donated $100 million to the
Saint Barnabas Medical Center Cooperman Barnabas Medical Center (CBMC), formerly Saint Barnabas Medical Center (SBMC), is a 597-bed non-profit major teaching hospital located in Livingston, New Jersey. An affiliate of RWJBarnabas Health (formerly known as Barnabas Health and ...
which would be renamed to Cooperman Barnabas Medical Center. Cooperman launched a scholarship funding program in 2015. The Cooperman College Scholars Fund assists high-achieving high school students pay for their college educations. At launch, the Cooperman College Scholars Fund partnered with four colleges and universities in New Jersey and Pennsylvania:
The College of New Jersey The College of New Jersey (TCNJ) is a public university in Ewing Township, New Jersey. It is part of New Jersey's public system of higher education. Established in 1855 as the New Jersey State Normal School, TCNJ was the first normal school, ...
,
Rutgers Rutgers University ( ), officially Rutgers, The State University of New Jersey, is a public land-grant research university consisting of three campuses in New Jersey. Chartered in 1766, Rutgers was originally called Queen's College and was aff ...
,
Rowan University Rowan University is a public research university in Glassboro, New Jersey, with a medical campus in Stratford and medical and academic campuses in Camden. Founded in 1923 as Glassboro Normal School on a site donated by 107 residents, the scho ...
, and
Franklin & Marshall College Franklin & Marshall College (F&M) is a private liberal arts college in Lancaster, Pennsylvania, United States. Founded in 1787 as Franklin College and later merged with Marshall College in 1853, it is one of the oldest colleges in the United St ...
. He is also a founding Master Player of the Portfolios with Purpose virtual stock trading contest. He serves as a board member for the Damon Runyon Cancer Research Foundation. Cooperman is also a charitable member of the Songs of Love Foundation, a 501(c)(3) organization that records personalized music for those facing chronic illness. On June 7, 2017, Cooperman presented a One Million Dollar Four-Year Challenge Grant from The Leon and Toby Cooperman Family Foundation.


References


External links

* https://www.omegaadvisers.com/ {{DEFAULTSORT:Cooperman, Leon G. Living people 1943 births American billionaires American financiers American people of Polish-Jewish descent Columbia Business School alumni 21st-century American philanthropists Goldman Sachs people Hunter College alumni Businesspeople from the Bronx Xerox people American chief executives of financial services companies Businesspeople from Millburn, New Jersey Philanthropists from New York (state) CFA charterholders 21st-century American Jews Shareholder-rights activists American financial company founders American financial analysts