Bloomberg’s Peggy Collins and Sonali Basak discuss Mario Gabelli giving up millions in compensation. They speak on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)
‘Super Mario’ Gabelli To Give Up Millions In Pay
Q3 hedge fund letters, conference, scoops etc
Transcript
One that's not optimistic is my old rebellious or Super Mario as he was dubbed I have to give it millions Neukom this year.
Yeah it's a really strange story. He put out a press release late yesterday. Our colleague Andres Mellons spotted it aftermarket. It was about two paragraphs he didn't explain why he was giving up. I looked at the stock price and saw that you know it was the worst year since the crisis for Hayling 40 percent or something crazy. That's right.
And he is saying essentially the first quarter at least that and Titians always wanted was very short doesn't give a lot of details about how much that he'll be giving up. It looked like when I was looking back that he doesn't actually get a salary so this is a lot of management fees and profit taking that he's giving up but he's also one of the highest paid executives out there. So interesting to see that he's essentially saying hey I'm going to give my business a little bit of a jump jump start in the New Year.
It's kind of hard to see exactly where he's been losing money too. So if you go into the Bloomberg terminal type of LNG and type in GAMCO you're going to see that he was down about 1 percent and consumer and then the other one percent and industrials. So you're not going to see exactly where he's losing money. But another thing that he was betting on this year was gownd the Swiss asset manager. Yeah.
Nuff said. I know how that went.
