With big money and a lot of reputation at stake, according to BusinessInsider it's no surprise that disagreements and quarrels have broken out in the world of high finance. Here are the stories of 9 big financial feuds:
1. Dan Loeb vs. Ken Griffin …..In 2005, Citadel founder Griffin's poaching of New York hedge fund employees caught the eye of Third Point's Dan Loeb. Griffin, who charges a higher management fee than traditional hedge funders, was allegedly luring the employees away with offers of higher salaries. Loeb, who is known for his scathing letters to CEOs when he feels that companies he has invested in are not doing well, took up his poison pen and wrote Griffin a scathing letter. In it, he called Citadel a "gulag" and forbade him from approaching any Third Point employees under any circumstances. He also told Griffin matter of factly that Citadel was "over-rated" and that Griffin does not know how to manage people.
2. Bill Ackman vs. Carl Icahn… It started with a "forgettable" deal in 2004, and became a famous feud that spanned seven years and racked up millions in dollars in lawyer fees between two activist investors. In 2003, when Ackman's former investment firm was in trouble and he was being investigated by the SEC, he cold-called Icahn and asked him to buy his shares of Hallwood Realty, a real estate company trading for about $60, but Ackman said was worth $140. Icahn agreed to buy the shares for $80, with a deal that he would split the profit with Ackman if he sold the shares within 3 years. When Hallwood merged with another company for $137/share in 2004, Ackman called Icahn for his share of the profit. Well, Icahn reasoned that he didn't sell the shares in the merger even though he did not own them anymore.
3. Jon Corzine vs. Hank Paulson…It's no secret that Corzine, who served as Goldman Sachs CEO from 1994 to 1999, was ousted from his position by then-COO Hank Paulson. Paulson later served in Goldman's top spot until 2006, when he left to become Treasury Secretary for President George W. Bush. But when Paulson and Corzine ruled Goldman together, a civil war brewed between the two that made their reign at the bank an "unmitigated disaster..."
Just getting started. Read about the rest at http://www.businessinsider.com/ready-set-fight-here-are-9-of-the-all-time-nastiest-feuds-in-finance-2012-2
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