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Billionaire investor Leon Cooperman blasts the Reddit-trader revolution as 'baloney' - and says Warren, Sanders, and AOC shouldn't be deciding the market rules

Billionaire investor Leon Cooperman blasts the Reddit-trader revolution as 'baloney' - and says Warren, Sanders, and AOC shouldn't be deciding the market rules

Leon Cooperman.
Reuters/ Rick Wilking



Billionaire Leon Cooperman said the idea of Reddit traders targeting the wealthy is "all baloney."



The investor said market ethics have been weakening for a long time and the rules need to be followed.



"The last thing we need is Elizabeth Warren or Bernie Sanders or AOC getting involved in setting policy."



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Leon Cooperman blasted the idea that the Reddit-trader rebellion was a battle between the wealthy and the poor. "That's all baloney, this persistent attack of the wealthy," Cooperman said in a Bloomberg interview on Thursday. "America is a country that became great because people want to aspire to become wealthy."Cooperman transitioned his hedge fund Omega Advisors, which generated an annualized return of 12.4% since inception, into a family office in 2018. The billionaire investor said market ethics have been on a decline for quite some time because rules aren't being followed. Market-trading regulations already exist, and government overreach is not required, he said.
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