Kenneth Lipper

Louis Proyect lnp3 at panix.com
Tue Jan 7 16:27:09 MST 2003


(I remember Kenneth Lipper well from my days at Salomon Brothers in the mid 
1970s.  Like Felix Rohatyn and George Soros, he used his investment prowess 
as a springboard into broader political arenas. What the Times article 
omits is his rather high profile as a Zionist apologist. I hope that he 
loses everything.)

NY Times, Jan. 7 2002

Fund Manager to Meet His Irate Investors in Court
By LANDON THOMAS Jr.

Kenneth Lipper, money manager to the stars before his hedge fund collapsed 
a year ago, will try to persuade a judge today that he can pay his 
investors back — most of their money, at least. But many of the investors 
are furious, saying that the plan favors some clients over others.

Among hedge fund failures, his is a memorable one. Mr. Lipper startled the 
financial industry when he announced last February that his Lipper 
Convertibles Fund had lost $315 million, or 40 percent of its value. The 
fund was full of telecommunications and energy bonds that plummeted in 
value for much of 2001, though he says the real damage was obscured until a 
couple of his leading managers left early last year.

Mr. Lipper cuts an unusual figure for a hedge fund manager. He was a deputy 
mayor in the administration of Edward I. Koch and a Hollywood figure who 
advised Oliver Stone on the filming of "Wall Street." He produced and 
helped to write the screenplay for "City Hall" in 1996 and, as a 
co-producer, won an Oscar in 1999 for "The Last Days," a Holocaust 
documentary.

Early on, he seemed to have an eye for the bright lights. Mr. Lipper was 
always on the periphery of fame and celebrity, but never quite able to 
achieve it.

He grew up in the South Bronx with Al Pacino in the 1950's, was a Salomon 
Brothers partner with Michael R. Bloomberg in the 1970's and early 80's, 
and pitched movie projects to Steven Spielberg in the 1990's.

full: http://www.nytimes.com/2003/01/07/business/07LIPP.html


Louis Proyect, Marxism mailing list: http://www.marxmail.org


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