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