Elizabeth Warren’s wealth tax won’t be ‘a big deal,’ says investor Mark Mobius

Democratic presidential hopeful Massachusetts Senator Elizabeth Warren speaks during the fourth Democratic primary debate of the 2020 presidential campaign season co-hosted by The New York Times and CNN at Otterbein University in Westerville, Ohio on October 15, 2019. U.S. presidential hopeful Elizabeth Warren’s proposed wealth tax may not come to pass even if she’s elected, says prominent investor Mark Mobius who added that the markets would still fall anyway. Warren, a front-runner for the Dem


Democratic presidential hopeful Massachusetts Senator Elizabeth Warren speaks during the fourth Democratic primary debate of the 2020 presidential campaign season co-hosted by The New York Times and CNN at Otterbein University in Westerville, Ohio on October 15, 2019.
U.S. presidential hopeful Elizabeth Warren’s proposed wealth tax may not come to pass even if she’s elected, says prominent investor Mark Mobius who added that the markets would still fall anyway.
Warren, a front-runner for the Dem
Elizabeth Warren’s wealth tax won’t be ‘a big deal,’ says investor Mark Mobius Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-13  Authors: yen nee lee
Keywords: news, cnbc, companies, tax, warren, wealth, presidential, campaign, hopeful, going, mark, deal, investor, mobius, warrens, markets, big, democratic, wont, elizabeth


Elizabeth Warren's wealth tax won't be 'a big deal,' says investor Mark Mobius

Democratic presidential hopeful Massachusetts Senator Elizabeth Warren speaks during the fourth Democratic primary debate of the 2020 presidential campaign season co-hosted by The New York Times and CNN at Otterbein University in Westerville, Ohio on October 15, 2019.

U.S. presidential hopeful Elizabeth Warren’s proposed wealth tax may not come to pass even if she’s elected, says prominent investor Mark Mobius who added that the markets would still fall anyway.

Warren, a front-runner for the Democratic presidential nomination, has made reining in the excesses of the wealthiest Americans and largest U.S. businesses a centerpiece of her campaign. Several well-known business executives and investors have criticized her plans, saying a Warren presidency would harm financial markets and the economy.

“I don’t think this wealth tax is going to be a big deal, frankly,” Mobius, founding partner of Mobius Capital Partners, told CNBC’s “Global Squawk” on Wednesday.

“Because if you look at who’s giving money to Warren: wealthy people. So, they realize that it’s talk,” he added. “At the end of the day, when it comes to actual action, it’s not going to be significant. I don’t see a wealth tax coming in.”

Warren’s campaign did not immediately respond to a request for comment outside office hours.


Company: cnbc, Activity: cnbc, Date: 2019-11-13  Authors: yen nee lee
Keywords: news, cnbc, companies, tax, warren, wealth, presidential, campaign, hopeful, going, mark, deal, investor, mobius, warrens, markets, big, democratic, wont, elizabeth


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More than half of the world’s richest investors see a big market drop in 2020, says UBS survey

A majority of the most wealthy investors around the world are bracing for a big sell-off next year, according to a UBS survey. Fifty-five percent of more than 3,400 high net worth investors surveyed by UBS expect a significant drop in the markets at some point in 2020. Notable investors including Paul Tudor Jones and Leon Cooperman have warned of a market correction on a Warren presidency. Almost eight in 10 investors surveyed by UBS see higher volatility and nearly three in four investors belie


A majority of the most wealthy investors around the world are bracing for a big sell-off next year, according to a UBS survey.
Fifty-five percent of more than 3,400 high net worth investors surveyed by UBS expect a significant drop in the markets at some point in 2020.
Notable investors including Paul Tudor Jones and Leon Cooperman have warned of a market correction on a Warren presidency.
Almost eight in 10 investors surveyed by UBS see higher volatility and nearly three in four investors belie
More than half of the world’s richest investors see a big market drop in 2020, says UBS survey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: yun li
Keywords: news, cnbc, companies, high, ubs, 2020, worlds, survey, investors, surveyed, worth, drop, richest, half, geopolitical, york, big, wall, warren, market


More than half of the world's richest investors see a big market drop in 2020, says UBS survey

Traders work during the opening bell at the New York Stock Exchange (NYSE) on October 2, 2019 at Wall Street in New York City.

A majority of the most wealthy investors around the world are bracing for a big sell-off next year, according to a UBS survey.

Fifty-five percent of more than 3,400 high net worth investors surveyed by UBS expect a significant drop in the markets at some point in 2020. Amid intensifying geopolitical risks, the super-rich have increased their cash holding to 25% of their average assets, the survey showed.

“Investors see reasons to be cautious in the new year,” said UBS Global Wealth Management’s client strategy office in a note on Tuesday. “Two in three global investors believe markets now are driven more by geopolitical events than business fundamentals such as profitability, revenue and growth potential.”

The ultra-wealthy’s top geopolitical concerns include the U.S.-China trade war and 2020 U.S. presidential election, UBS said.

Stocks hit record highs last week, lifted by rising optimism on a trade resolution between the U.S. and China. The Dow Jones Industrial Average and S&P 500 are both up more than 3% in the past month. However, the two sides are still finalizing the so-called “phase one” deal and they seem to disagree on if the existing tariffs would be lifted.

As the presidential election gets closer, Wall Street started to watch closely at the ascent of Elizabeth Warren. Notable investors including Paul Tudor Jones and Leon Cooperman have warned of a market correction on a Warren presidency.

Almost eight in 10 investors surveyed by UBS see higher volatility and nearly three in four investors believe the investment environment is more challenging than it was five years ago, the survey showed.

Nearly 60% of the respondents feel less in control of their portfolio’s performance than they used to, the survey said. In response to the riskier environment, 64% of investors said they are considering adding high quality stocks to their portfolios.

The high net worth investors surveyed by UBS have at least $1 million in investable assets.

— With reporting from Michael Bloom.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: yun li
Keywords: news, cnbc, companies, high, ubs, 2020, worlds, survey, investors, surveyed, worth, drop, richest, half, geopolitical, york, big, wall, warren, market


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Biden and Bloomberg are bigger threats to Big Pharma than Warren, analyst says

Moderate Democrats such as Joe Biden and Mike Bloomberg are bigger threats to the pharmaceutical industry than Sen. Elizabeth Warren, Bernstein analyst Ronny Gal told CNBC on Monday. Warren expects that her proposal will bring down Medicare prices for brand-name prescription drugs by 70% and prices for generics by 30%. He too is advocating for the government to negotiate drug prices, but it’s unclear if there would be other provisions like a limit on negotiations. Gal said some Republicans are a


Moderate Democrats such as Joe Biden and Mike Bloomberg are bigger threats to the pharmaceutical industry than Sen. Elizabeth Warren, Bernstein analyst Ronny Gal told CNBC on Monday.
Warren expects that her proposal will bring down Medicare prices for brand-name prescription drugs by 70% and prices for generics by 30%.
He too is advocating for the government to negotiate drug prices, but it’s unclear if there would be other provisions like a limit on negotiations.
Gal said some Republicans are a
Biden and Bloomberg are bigger threats to Big Pharma than Warren, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, plan, industry, medicare, drugs, pharma, pharmaceutical, bigger, prices, republicans, warren, drug, threats, negotiate, analyst, bloomberg, big, biden


Biden and Bloomberg are bigger threats to Big Pharma than Warren, analyst says

Moderate Democrats such as Joe Biden and Mike Bloomberg are bigger threats to the pharmaceutical industry than Sen. Elizabeth Warren, Bernstein analyst Ronny Gal told CNBC on Monday.

That’s because Warren’s proposals to lower drug prices may struggle to gain support, especially with Democratic representatives from states where the pharmaceutical industry employs many workers, said Gal, who covers the health-care industry, on “Power Lunch.”

“When push comes to shove, some of those representatives and senators will not toe the sharpest line that Warren wants,” Gal said. “On the other hand, if you had somebody like Bloomberg or Biden, [they would] probably be able to pull some of those Republicans and Democrats.”

Spokespersons for Warren, Biden and Bloomberg did not immediately respond to requests for comment on Gal’s remarks.

Warren, a front-runner in the 2020 presidential race, earlier this month announced her plan to pay for “Medicare for All.” Among the details in the outline, Warren vows to allow the U.S. government to negotiate lower drug prices for both branded and generic drugs and penalize pharmaceutical companies who fail to reach a deal. (Current rules prohibit the Department of Health and Human Services from negotiating drug prices on behalf of Medicare — the federal government’s health insurance plan for the elderly.)

Warren’s plan also wouldn’t limit the number of drugs the U.S. government can negotiate on behalf of beneficiaries, unlike a bill from House Speaker Nancy Pelosi, which caps the number of drugs negotiable at 250. Warren expects that her proposal will bring down Medicare prices for brand-name prescription drugs by 70% and prices for generics by 30%.

Biden, seen as a moderate, is instead calling for improvements to the Affordable Care Act, more commonly known as Obamacare. He too is advocating for the government to negotiate drug prices, but it’s unclear if there would be other provisions like a limit on negotiations.

Gal said some Republicans are already in favor of measures supported by Democrats, such as allowing the government to negotiate drug prices. But Republicans also want to make changes to health care “carefully,” without severely damaging the drug industry.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, plan, industry, medicare, drugs, pharma, pharmaceutical, bigger, prices, republicans, warren, drug, threats, negotiate, analyst, bloomberg, big, biden


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JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem

His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts. “I think it’s a huge problem,” Dimon said. I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things. I think that most people are good; not all of them,” Dimon said in the Sunday interview. “I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish thin


His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts.
“I think it’s a huge problem,” Dimon said.
I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.
I think that most people are good; not all of them,” Dimon said in the Sunday interview.
“I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish thin
JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: fred imbert
Keywords: news, cnbc, companies, warren, whove, thinks, dimon, jamie, particularly, problem, good, coopermans, ceo, jpmorgan, think, vilify, wealth, worked, inequality, million


JPMorgan CEO Jamie Dimon, who made $31 million last year, thinks wealth inequality is a problem

His remarks come amid increased criticism of the rich by certain U.S. presidential hopefuls, particularly Democratic Sen. Elizabeth Warren from Massachusetts.

Dimon added that people at the lower end of the spectrum have “particularly been left behind,” noting: “We haven’t done a good job growing our economy. That would’ve fixed a lot of that problem.”

“I think it’s a huge problem,” Dimon said. “I think the wealthy have been getting wealthier too much in many ways, so middle class incomes have been kind of flat for maybe 15 years or so, and that’s not particularly good in America.”

I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.

On Oct. 23, Warren called in a tweet for billionaire investor Leon Cooperman to “pitch in a bit more so everyone else has a chance at the American dream.” The tweet drew the Cooperman’s ire.

Cooperman sent a letter to Warren’s office in late October, saying “your tweet demonstrated a fundamental misunderstanding of who I am, what I stand for, and why I believe so many of your economic policy initiatives are misguided.”

He then told CNBC’s “Halftime Report” on Nov. 4 the “vilification of billionaires makes no sense to me.” When asked why he spoke out against Warren, a tearful Cooperman said, “I care.”

Warren responded to Cooperman’s remarks by tweeting: “One thing I know he cares about—his fortune.” She then criticized Cooperman’s investments in student-loan company Navient and said she cares “about an entire generation of students being crushed by student loan debt.”

But while J.P. Morgan’s Dimon is worried about growing wealth inequality — a Credit Suisse report from last month said millionaires now hold 44% of the world’s total wealth — he reprimanded Warren and others for their criticisms of the wealthy.

“Anything that vilifies people, I just don’t like. I think that most people are good; not all of them,” Dimon said in the Sunday interview. “I think you should vilify Nazis, but you shouldn’t vilify people who’ve worked hard to accomplish things.”

Dimon also deflected questions about him making $31 million in 2018. He said J.P. Morgan Chase’s board of directors sets his salary and “I have nothing to do with it.”

He reiterated, however, that there are solutions to wealth inequality, such as changing the U.S. miniumum wage and lowering taxes for the poor and the middle class. “The problems are real, it does not mean free enterprise [is] bad.”


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: fred imbert
Keywords: news, cnbc, companies, warren, whove, thinks, dimon, jamie, particularly, problem, good, coopermans, ceo, jpmorgan, think, vilify, wealth, worked, inequality, million


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Mark Cuban is latest billionaire to bash Sen. Elizabeth Warren’s wealth tax plan

Billionaire investor Mark Cuban suggested in a series of weekend tweets that the proposed wealth tax from 2020 presidential candidate Sen. Elizabeth Warren, D-Mass., “diverts attention from reality” and is designed to hide her own wealth from the public. Cuban, who owns the Dallas Mavericks of the NBA, highlighted Warren’s income and net worth, which at $12 million puts her squarely among the top 1% in America. Warren’s net worth is actually in fourth place in the Democratic field, behind billio


Billionaire investor Mark Cuban suggested in a series of weekend tweets that the proposed wealth tax from 2020 presidential candidate Sen. Elizabeth Warren, D-Mass., “diverts attention from reality” and is designed to hide her own wealth from the public.
Cuban, who owns the Dallas Mavericks of the NBA, highlighted Warren’s income and net worth, which at $12 million puts her squarely among the top 1% in America.
Warren’s net worth is actually in fourth place in the Democratic field, behind billio
Mark Cuban is latest billionaire to bash Sen. Elizabeth Warren’s wealth tax plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jordan mcdonald
Keywords: news, cnbc, companies, sen, million, 2020, worth, tax, warrens, elizabeth, wealth, plan, net, democratic, mark, policy, latest, billionaire, warren, cuban


Mark Cuban is latest billionaire to bash Sen. Elizabeth Warren's wealth tax plan

Billionaire investor Mark Cuban suggested in a series of weekend tweets that the proposed wealth tax from 2020 presidential candidate Sen. Elizabeth Warren, D-Mass., “diverts attention from reality” and is designed to hide her own wealth from the public.

Warren’s wealth tax, exemplified by the “two cents” chant that dominates her rallies, calls for a 2% tax on every dollar a household has above $50 million, which would increase to a 6% tax for households with a net worth of more than $1 billion. That money would be used to pay for a variety of her policy proposals, including her “Medicare for All” plan.

Cuban, who owns the Dallas Mavericks of the NBA, highlighted Warren’s income and net worth, which at $12 million puts her squarely among the top 1% in America.

Warren’s net worth is actually in fourth place in the Democratic field, behind billionaire Tom Steyer, former Maryland Rep. John Delaney and Colorado Sen. Michael Bennet.

While Cuban declared Warren the smartest of the 2020 candidates, he also suggested that Warren is “intellectually misleading the public” on the prospects of funding her Medicare for All policy, which Warren says would cost $20.5 trillion over 10 years but some policy experts have pegged at $32 trillion over the same time frame.

Warren’s campaign did not immediately respond to a request for comment.

Almost every Democratic challenger in the 2020 presidential race is a millionaire, with only Julian Castro, Tulsi Gabbard, and Pete Buttigieg with net worths below $1 million. Excluding Steyer and President Donald Trump’s net worth, Warren’s net worth is just below the average of $12.9 million, according to Forbes.

Cuban is just one of America’s wealthiest citizens finding fault with Warren’s platform of taxing the rich.

Billionaire investor Leon Cooperman, who in recent weeks has sparred with Warren over her tax policies, said on CNBC that her platform was “idiocy.”

“I don’t need Elizabeth Warren telling me that I’m a deadbeat and that billionaires are deadbeats. The vilification of billionaires makes no sense to me,” Cooperman told CNBC.

Warren’s wealth tax is also raising monumental concern for Democratic donors, who have threatened to back Trump if the Democratic Party were to nominate her for the general election.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jordan mcdonald
Keywords: news, cnbc, companies, sen, million, 2020, worth, tax, warrens, elizabeth, wealth, plan, net, democratic, mark, policy, latest, billionaire, warren, cuban


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Investors are shrugging off fear of Medicare for All – for now

Ending private health insurance has been one of the rallying cries of Elizabeth Warren’s presidential bid and her rise in the polls has made health care investors nervous. Yet the week after the leading Democratic contender detailed how she’d pay for her Medicare for All plan, prompting widespread debate, investors are seemingly to shrugging off the news altogether. Six straight weeks of gains have the large-cap health insurance sector up more 19% for the fourth quarter. Analysts say the sector


Ending private health insurance has been one of the rallying cries of Elizabeth Warren’s presidential bid and her rise in the polls has made health care investors nervous.
Yet the week after the leading Democratic contender detailed how she’d pay for her Medicare for All plan, prompting widespread debate, investors are seemingly to shrugging off the news altogether.
Six straight weeks of gains have the large-cap health insurance sector up more 19% for the fourth quarter.
Analysts say the sector
Investors are shrugging off fear of Medicare for All – for now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-10  Authors: bertha coombs
Keywords: news, cnbc, companies, investors, market, care, shrugging, insurance, medicare, private, pay, insurers, warren, fear, plan, health


Investors are shrugging off fear of Medicare for All – for now

US Senator Elizabeth Warren (C), Democrat from Massachusetts, speaks with US Senator Bernie Sanders (2nd R), Independent from Vermont, as they discusses Medicare for All legislation on Capitol Hill in Washington, DC, on September 13, 2017.

Ending private health insurance has been one of the rallying cries of Elizabeth Warren’s presidential bid and her rise in the polls has made health care investors nervous.

Yet the week after the leading Democratic contender detailed how she’d pay for her Medicare for All plan, prompting widespread debate, investors are seemingly to shrugging off the news altogether.

The S&P 500 Managed Care index rose more than 3% last week. Six straight weeks of gains have the large-cap health insurance sector up more 19% for the fourth quarter.

Part of the move higher follows strong third-quarter earnings reports over the last few weeks from the major health insurance giants UnitedHealth Group, Humana, Centene, Cigna and Aetna parent CVS Health.

It marks a big change in sentiment, after the sector sank 12% over the second and third quarters, when Warren’s poll numbers began to rise and the White House and Congress seemed poised to introduce regulatory curbs on insurers’ pharmacy benefit units.

Analysts say the sector was due for a rebound, but the reprieve in the Medicare for All fear factor is likely temporary.

“As regards potential stock volatility on the political risks and the elections, we still see a binary setup for November 2020,” BMO Capital Markets analyst Matt Borsch wrote in a note to clients, adding that a Warren win would pose the biggest risk for insurers UnitedHealth and Humana which are the leading issuers of private Medicare Advantage plans. Warren calls for eliminating private plans.

“While we don’t see a lot of downside risk for Medicare Advantage, the change in regulatory approach could still be meaningful,” Borsch said.

“We’re looking at Medicare for All as an existential threat to the insurance industry,” said Deep Banerjee, lead insurance credit analyst at S&P Global Ratings, but he adds that a move to single payer would also have a big impact on physicians, hospitals and other health care providers.

“It is not just insurance reform, it’s also payment reform because you know, if you look at how (Warren) will achieve a system like that you would have to cut payments to providers,” explained Banerjee.

Warren maintains her plan would not negatively impact the actual delivery of medical care. She says she would expand the “value-based reforms enabled by the Affordable Care Act,” such as bundled payments for in-patient and post-operative care, and encourage better coordination of treatment to try to bring down costs.

“On the one hand, Medicare for All would offer opportunities to use payment incentives to better coordinate care,” said Larry Levitt, KFF executive vice president for health policy, but he adds, “on the other hand, a single public insurance plan would close off opportunities for individual private insurers to experiment with different approaches.”

“We’ve seen some good things in Medicare with the ACA work that’s been done, certainly,” said Tracy Watts, senior partner and health policy leader at benefits consulting firm Mercer, “but I feel like the employers are kind of that independent voice that drives the market… they drive all of this great change.”

Under Warren’s plan, large employers would pay a health-care tax rather than fund workers’ health coverage directly, giving up control over the design of benefits.

“That would be an impractical solution that would stifle innovation,” argued Annie Lamont, co-founder of venture capital firm Oak HC/FT at the company’s HLTH conference in Las Vegas last month, noting that the self-insured employer market has been more open to new digital health models.

Telemedicine has been a prime example. Large employers and private insurers have embraced the technology for years, and for 2020 many are looking at integrating video visits with primary care and mental health benefits for patients with chronic conditions. Traditional fee-for-service Medicare has been slower to reimburse those services.

“I’ve always viewed what we do as the most bipartisan part of health care—lower costs, higher quality and greater access,” said Hill Ferguson, CEO of telemedicine provider Dr. on Demand.

While he’s not advocating for a single-payer system, Ferguson believes at this point digital health firms could make the shift to Medicare for All and help ease the looming shortage of doctors under any new system at a competitive cost.

“I think if Medicare for All were to materialize, it would inflict a lot of pain on insurers, obviously, but it could actually help companies like ours that would be required to provide access to more people,” he said.

“What’s not going away is chronic conditions… whether you’re a Republican or Democrat you’re equally affected,” said Glen Tullman, chairman of Livongo Health which provides digital management for chronic disease.

“You’re going to need consumer-first digital health solutions,” even under single payer, Tullman said.

The move away from employer-based health insurance to Medicare for All could actually strengthen the market for direct-to-consumer services, according to Zach Reitano co-founder and CEO of Ro, the parent company of online men’s health service Roman.

“The cash market is where innovation increases and prices come down,” Reitano said, noting that costs for services like Lasik eye surgery and cosmetic procedures continue to come down because they’re not covered by health insurance and patients pay out of their own pockets.

“We see people vote with their feet first,” when they pay cash, he said.

The first votes in the Democratic presidential race are just over two months away, beginning with the Iowa Caucuses on February 3 and the New Hampshire primary on February 11.

But over the next few weeks as impeachment proceedings take center stage in Washington, the Medicare for All debate will likely move to the back burner, and along with it sweeping drug price bills being debated in Congress. That could help keep investors positive on health care stocks near-term.


Company: cnbc, Activity: cnbc, Date: 2019-11-10  Authors: bertha coombs
Keywords: news, cnbc, companies, investors, market, care, shrugging, insurance, medicare, private, pay, insurers, warren, fear, plan, health


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Leon Cooperman, who has been battling Elizabeth Warren, says he will support fellow billionaire Mike Bloomberg for president

Former Mayor of New York City Michael Bloomberg, October 10, 2019 in Copenhagen, Denmark. Ole Jensen | Getty ImagesBillionaire Leon Cooperman says he will support former New York Mayor Mike Bloomberg if he enters the 2020 Democratic primary for president. Unless he changes his stripes, he will have my unequivocal support,” Cooperman told CNBC on Friday. A private equity executive, who declined to be named in order to speak frankly about the situation, said he would likely support Bloomberg’s cam


Former Mayor of New York City Michael Bloomberg, October 10, 2019 in Copenhagen, Denmark.
Ole Jensen | Getty ImagesBillionaire Leon Cooperman says he will support former New York Mayor Mike Bloomberg if he enters the 2020 Democratic primary for president.
Unless he changes his stripes, he will have my unequivocal support,” Cooperman told CNBC on Friday.
A private equity executive, who declined to be named in order to speak frankly about the situation, said he would likely support Bloomberg’s cam
Leon Cooperman, who has been battling Elizabeth Warren, says he will support fellow billionaire Mike Bloomberg for president Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: brian schwartz
Keywords: news, cnbc, companies, leon, primary, president, hes, bloombergs, cooperman, michael, campaign, fellow, warren, mike, elizabeth, billionaire, trump, support, bloomberg


Leon Cooperman, who has been battling Elizabeth Warren, says he will support fellow billionaire Mike Bloomberg for president

Former Mayor of New York City Michael Bloomberg, October 10, 2019 in Copenhagen, Denmark. Ole Jensen | Getty Images

Billionaire Leon Cooperman says he will support former New York Mayor Mike Bloomberg if he enters the 2020 Democratic primary for president. “I’m a huge fan of Michael. I know him personally. It’s a breath of fresh air. Unless he changes his stripes, he will have my unequivocal support,” Cooperman told CNBC on Friday. Cooperman, in an extensive phone interview, noted he would help Bloomberg with fundraising, as long he sticks with his moderate policies. “That’s the whole idea,” he said when asked about potentially helping with fundraising. “I have a world of respect for his accomplishments and his values. I have to sit down and understand his platform. If the Democratic Party was smart, they would support him.” he added.

Bloomberg, 77, has not formally announced his presidential campaign yet. Cooperman is one of several Wall Street executives who are already preparing to help Bloomberg in anyway they can if he runs for president. A private equity executive, who declined to be named in order to speak frankly about the situation, said he would likely support Bloomberg’s campaign as well. This person has contributed to former Vice President Joe Biden’s campaign and others in the race, but has not been impressed so far with the overall field. Cooperman and Bloomberg were both the targets of President Donald Trump on Friday. He nudged the longtime investor, by noting “he’s doing very well with Trump.” Later he took on Bloomberg possibly getting into the primary and said he’d relish a chance at facing him in a general election. “He’s not going to do well but I think he’s going to hurt Biden actually,” Trump said of Bloomberg. “There’s nobody I’d rather run against than little Michael.” A spokesman for Bloomberg did not return a request for comment. While Bloomberg has a net worth of just over $52 billion, according to Forbes, and has signaled he would spend more than $100 million on a campaign for president, he will still need donors to qualify for any potential debates. Cooperman has a net worth of $3.2 billion, according to Forbes. Cooperman, chairman and CEO of Omega Advisors, recently sent a letter to Sen. Elizabeth Warren, a potential rival of Bloomberg’s. In it, he cited Bloomberg’s story of becoming a self-made billionaire as a reason not to criticize the wealthy, as Warren has done since she officially entered the primary in February.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: brian schwartz
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Bill Gates: ‘I didn’t even want to meet Warren Buffett’ —but their first dinner conversation changed everything

There seems to be no shortage of people eager to meet Warren Buffett. And yet, fellow billionaire Bill Gates says he wasn’t even sure he wanted to meet Buffett at all before the two iconic businessmen finally crossed paths in the early 1990s. In an interview at The New York Times/DealBook conference on Wednesday, the Microsoft co-founder explained why he was initially reluctant to meet with Buffett. That was my view before I met him … he wasn’t going to tell me about inventing something,” Gates


There seems to be no shortage of people eager to meet Warren Buffett.
And yet, fellow billionaire Bill Gates says he wasn’t even sure he wanted to meet Buffett at all before the two iconic businessmen finally crossed paths in the early 1990s.
In an interview at The New York Times/DealBook conference on Wednesday, the Microsoft co-founder explained why he was initially reluctant to meet with Buffett.
That was my view before I met him … he wasn’t going to tell me about inventing something,” Gates
Bill Gates: ‘I didn’t even want to meet Warren Buffett’ —but their first dinner conversation changed everything Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: tom huddleston jr
Keywords: news, cnbc, companies, conversation, bill, didnt, buffett, investors, microsoft, dinner, meeting, wasnt, gates, warren, meet, thats, value, changed


Bill Gates: 'I didn't even want to meet Warren Buffett' —but their first dinner conversation changed everything

There seems to be no shortage of people eager to meet Warren Buffett.

Every year, investors flock to the annual meeting of Berkshire Hathaway, the billionaire investor’s holding company, to catch a glimpse of Buffett and possibly ask him a question. And the annual charity auction for a lunch with Buffett now regularly fields multi-million dollar bids (this year’s winner paid nearly $4.6 million, even if he did postpone at the last minute).

And yet, fellow billionaire Bill Gates says he wasn’t even sure he wanted to meet Buffett at all before the two iconic businessmen finally crossed paths in the early 1990s. In an interview at The New York Times/DealBook conference on Wednesday, the Microsoft co-founder explained why he was initially reluctant to meet with Buffett.

“I didn’t even want to meet Warren because I thought, ‘Hey this guy buys and sells things, and so he found imperfections in terms of markets, that’s not value added to society, that’s a zero-sum game that is almost parasitic.’ That was my view before I met him … he wasn’t going to tell me about inventing something,” Gates said at the conference.

Gates simply felt that he and Buffett operated too differently in the world of business for there to be any value in them meeting and sharing insights — Buffett is an investor looking to create value for himself and his shareholders, while Gates, especially at that point in Microsoft’s history, was more focused on building software that would change the way people and businesses use computers in their daily lives. (His company released its first Microsoft Office suite and Windows 3.0 in 1990, a year before Gates and Buffett actually did meet).


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: tom huddleston jr
Keywords: news, cnbc, companies, conversation, bill, didnt, buffett, investors, microsoft, dinner, meeting, wasnt, gates, warren, meet, thats, value, changed


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Joe Biden allies are worried that a Mike Bloomberg candidacy could clinch the nomination for Elizabeth Warren

“I think Bloomberg was a great mayor, but I think he’s making a mistake. Other Biden supporters are skeptical that Bloomberg will actually be a viable candidate. Some Biden supporters painted Bloomberg as an indecisive, wavering politician. As mayor of New York, Bloomberg was first a Republican and then later became an independent. If he could pick up Joe Biden’s supporters, [Pete] Buttigieg supporters, Kamala Harris supporters, Amy Klobuchar supporters, Cory Booker’s supporters, those aren’t tr


“I think Bloomberg was a great mayor, but I think he’s making a mistake.
Other Biden supporters are skeptical that Bloomberg will actually be a viable candidate.
Some Biden supporters painted Bloomberg as an indecisive, wavering politician.
As mayor of New York, Bloomberg was first a Republican and then later became an independent.
If he could pick up Joe Biden’s supporters, [Pete] Buttigieg supporters, Kamala Harris supporters, Amy Klobuchar supporters, Cory Booker’s supporters, those aren’t tr
Joe Biden allies are worried that a Mike Bloomberg candidacy could clinch the nomination for Elizabeth Warren Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: brian schwartz
Keywords: news, cnbc, companies, york, nomination, mike, biden, supporters, warren, joe, democratic, clinch, hes, worried, elizabeth, candidacy, race, mayor, bidens, think, bloomberg


Joe Biden allies are worried that a Mike Bloomberg candidacy could clinch the nomination for Elizabeth Warren

Joe Biden’s allies are becoming increasingly concerned that a Mike Bloomberg candidacy could take votes away from the former vice president and help Sen. Elizabeth Warren win the race for the Democratic presidential nomination.

Bloomberg’s political aides confirmed that he’s again considering entering the 2020 race, after he decided against it in March. Top Bloomberg advisor Howard Wolfson said Thursday that the billionaire former New York mayor is “increasingly concerned that the current field of candidates is not well-positioned” to defeat President Donald Trump next year.

Biden told reporters on Friday that he welcomes Bloomberg, a fellow moderate, into the race. Yet several of his supporters see the former mayor’s move as potentially giving an edge to Warren, a liberal populist.

“This hurts Biden tremendously,” said one of Gov. Andrew Cuomo’s outside advisors. Cuomo has encouraged his vast donor network to back the former vice president. “Even if he doesn’t get it,” this person added, “the whole thing plays that Biden is weak. It cements in people’s minds that Biden can’t make it work.”

Bloomberg is already gaining the support of people on Wall Street, a core source of fundraising for Biden. Billionaire Leon Cooperman endorsed Bloomberg him before he even officially jumps into the primary. Biden’s closest supporters largely agree that Bloomberg and Biden would likely split moderate voters in the party.

Democratic voters who identify with middle-of-the-road policies have been a key constituency for Biden’s candidacy. Recent New York Times/ Siena College polls show Biden ahead of all the other candidates in favorability in the key battleground states of Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin. That same surveys show that a majority of participants want a moderate candidate and one that will find common ground with Republicans.

Bernard Schwartz, a Biden supporter and CEO of BLS Investments, said that Bloomberg’s possible candidacy could give a boost to Warren, who has made targeting billionaires a key part of her appeal.

“I think it takes away from [Warren’s] biggest competitor, and that’s Joe Biden. I’m not saying Bloomberg is doing it intentionally, but that what I think the result would be,” he said. “I think Bloomberg was a great mayor, but I think he’s making a mistake. If you have a few billion dollars you can do what you want to do.”

Other Biden supporters are skeptical that Bloomberg will actually be a viable candidate.

“I see his move as a placeholder until we get clarity on Joe’s viability,” one of Biden’s top fundraisers said about Bloomberg’s recent move. This person spoke on the condition on anonymity in order to speak freely.

Some Biden supporters painted Bloomberg as an indecisive, wavering politician.

“I think it’s ridiculous and I think ultimately, 45 days from now, I don’t think Bloomberg will be a candidate,” said a Wall Street banking executive backing Biden who declined to be named. “Can I remind everyone he was a Republican before he became a Democrat? Can I remind you that the Democratic Party of 2020 is not rallying around billionaires?” this person added.

As mayor of New York, Bloomberg was first a Republican and then later became an independent. Bloomberg switched to the Democratic Party a month before last year’s midterm congressional elections.

“He’s like Mario Cuomo or even Hamlet on the Hudson. He’s in, he’s not in. Until I see real proof he’s in then I don’t believe it,” said a lobbyist helping Biden behind the scenes. Cuomo, the late former New York governor and father of Andrew Cuomo, famously agonized over whether to run for the Democratic nomination in the 1992 race before ultimately deciding not to.

Representatives for Biden and Bloomberg did not return a request for comment.

Political strategists from both sides of aisle see a Bloomberg candidacy ultimately hurting Biden. But they also broadly acknowledge that the former New York mayor doesn’t have a chance to win a primary with formidable candidates, including democratic socialist Sen. Bernie Sanders, pushing progressive policies.

“Biden’s doing enough to hurt himself right now. It could accelerate his demise,” Democratic strategy Mary Anne Marsh told CNBC. “I think Bloomberg’s premise is flawed. If he could pick up Joe Biden’s supporters, [Pete] Buttigieg supporters, Kamala Harris supporters, Amy Klobuchar supporters, Cory Booker’s supporters, those aren’t transferable,” she added.

“No shot a billionaire who still supports stop-and-frisk wins the Democratic primary. And a third party run would just reelect Trump,” said Chapin Fay, who was a media advisor for GOP billionaire and former New York mayoral candidate John Catsimatidis.

The stop-and-frisk policy allowed New York police officers to search or detain anyone them deem suspicious. Bloomberg defended the tactic earlier this year.

Meanwhile, some Biden fundraisers seem to be shrugging off any effect Bloomberg may have on their candidate’s campaign.

During a conference call Friday with Biden’s top financiers in California, bundlers discussed ways they can start focusing on trying to siphon donors and fundraisers from Sen. Kamala Harris, according to people familiar with the matter. These people said Biden financiers are looking to reach out to Harris’ lead fundraisers in her home state before they get behind Warren.

Bloomberg did not come up on the call, they added.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: brian schwartz
Keywords: news, cnbc, companies, york, nomination, mike, biden, supporters, warren, joe, democratic, clinch, hes, worried, elizabeth, candidacy, race, mayor, bidens, think, bloomberg


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Elizabeth Warren shares a ‘calculator for billionaires’ for her wealth tax plan

Democratic presidential candidate Elizabeth Warren revealed a “calculator for the billionaires” on Thursday that shows how much the wealthiest Americans would pay under her wealth tax plan. “Some billionaires seem confused about how much they would pay under my #TwoCentWealthTax,” Warren tweeted after billionaires Bill Gates and Leon Cooperman expressed concern about how much they’d pay under her plan. “Don’t worry, we’ve got a calculator for that, too.” The users of Warren’s calculator can inpu


Democratic presidential candidate Elizabeth Warren revealed a “calculator for the billionaires” on Thursday that shows how much the wealthiest Americans would pay under her wealth tax plan.
“Some billionaires seem confused about how much they would pay under my #TwoCentWealthTax,” Warren tweeted after billionaires Bill Gates and Leon Cooperman expressed concern about how much they’d pay under her plan.
“Don’t worry, we’ve got a calculator for that, too.”
The users of Warren’s calculator can inpu
Elizabeth Warren shares a ‘calculator for billionaires’ for her wealth tax plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: taylor locke
Keywords: news, cnbc, companies, pay, tax, warrens, calculator, worth, billion, warren, plan, elizabeth, shares, wealth, theyd, billionaires


Elizabeth Warren shares a 'calculator for billionaires' for her wealth tax plan

Democratic presidential candidate Elizabeth Warren revealed a “calculator for the billionaires” on Thursday that shows how much the wealthiest Americans would pay under her wealth tax plan.

“Some billionaires seem confused about how much they would pay under my #TwoCentWealthTax,” Warren tweeted after billionaires Bill Gates and Leon Cooperman expressed concern about how much they’d pay under her plan. “Don’t worry, we’ve got a calculator for that, too.”

The users of Warren’s calculator can input any billionaire’s net worth to see what they’d pay, or they can choose from names including Gates, Jeff Bezos, Michael Bloomberg and Betsy Devos’s family.

Gates, for example, currently worth about $107 billion, would pay about $6.38 billion under Warren’s tax plan, and Jeff Bezos, currently worth $111 billion, would pay about $6.7 billion, according to the calculator.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: taylor locke
Keywords: news, cnbc, companies, pay, tax, warrens, calculator, worth, billion, warren, plan, elizabeth, shares, wealth, theyd, billionaires


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