It seems like we've seen a lot of feuds in finance lately.
And with big money and reputations at stake, it's no surprise that disagreements and quarrels have broken out in the world of high finance.
Sometimes the fights are between bank execs and fund managers and other times the financial media and politicians get pulled into it, too.
What's more is the fights between high-powered individuals tend to get thrown into the public spotlight.
We've rounded up some of the best feuds in financial industry. Who doesn't like a good knock-down, drag out.
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.
Here's our favorite bit from the letter:
I understand your need to hire employees from other firms, something that Third Point has not had to do based on the fact that, unlike yourself, I actually enjoy and have talent in investing and am able to nurture others within my organization whom I hire from wide ranging disciplines such as graduate schools, private equity firms and medicine.
Source: Insider Monkey
Cornelius Vanderbilt vs. Jay Gould
Financiers Jay Gould and Cornelius Vanderbilt engaged in one of the most epic feuds dubbed the "Erie war" in an effort to control Erie Railroad.
In 1868, Gould, a railroad developer who was a member of the board of directors for the company, teamed up with his co-conspirators James Frisk and Daniel Drew to issue a bunch of fraudulent shares of the Erie Railroad's stock.
He was able to legalize his actions by bribing legislators in Albany.
This ended up watering down the stock price causing Vanderbilt to lose about $7 million.
Gould later returned most of that money back, but Vanderbilt lost his attempt to control the company.
Source: Commodore: The Life of Cornelius Vanderbilt
Source: notablebiographies.com
Bill Gross vs. Jeremy Stiegel
Bond king Bill Gross took a few shots at Wharton finance professor Jeremy Siegel in an investment letter explaining why stocks are going to be horrible investments.
Siegel later appeared on CNBC and explained how Gross's analysis was wrong.
He also appeared on Bloomberg TV and pointed out that Gross had called for the DOW to fall to 5,000 back in 2002 over the next 10 years but that it was at about 13,000.
Gross appeared on Bloomberg TV shortly after that and fired back with, "Well Professor Siegel is getting a little nasty here but it seems like the gloves are off."
What's more is in response to Siegel pointing out that Gross's analysis was off when he looked at the hundred year time frame for the 6.6% return, Gross responded with, "Well Professor Siegel's Ivory Tower again lacks common sense. If wealth is created at 3 percent a year in terms of GDP and that wealth is divided as it always is by government, by labor, and by business in the form of corporate profits, then its hard to see how one element corporation and stocks can continue to 3 percent more than real GDP going forward, and that's common sense."
See the rest of the story at Business Insider
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