Third Point's Loeb Apologizes, Deletes Facebook Incendiary Post About Stewart-Cousins

Aug 11 2017 | 10:49pm ET

Third Point CEO Dan Loeb has apologized for a Facebook post reportedly accusing New York state senator Andrea Stewart-Cousins of being a “hypocrite” and doing “more damage to people of color than anyone who has ever donned a hood.”

The remarks, which were first reported by The New York Times and apparently referenced the Ku Klux Klan, came in the context of a long-running rift in the New York State Democratic party between renegade lawmakers led by Senator Jeff Klein and the rest of the caucus in Albany. 

Unlike many of their Democtratic colleagues, Klein and his eight-member Independent Democratic Conference (IDC) support charter school programs - a sentiment shared by Loeb, who is also chairman of Success Academy, a network of 41 charter schools and a major proponent of school choice. The topic is a contentious one in New York politics.

Loeb subsequently apologized to Stewart-Cousins and deleted the post late Thursday. 

“I regret the language I used in expressing my passion for educational choice,” Loeb said in a statement. “I apologize to Senator Stewart-Cousins and anyone I offended. I have taken down the post from Facebook.”

Loeb, a billionaire hedge fund manager, is also a major donor to New York governor Andrew Cuomo and has supported Klein and the IDC in the past. The offending Facebook post was reportedly made in response to an earlier article shared by the Times that detailed a confrontation between Stewart-Cousins, who is the Democratic leader in the New York State Senate, and Cuomo in which she accused the governor of prejudging her based on race and gender.

On Thursday, Cuomo’s spokesperson described Loeb’s comments as "entirely inappropriate" and lacking a “place in the public discourse.”

In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...


CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...


From the current issue of