Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Jeff Gundlach Bristles at TCW's Words Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, December 09, 2010

Jeff Gundlach Bristles at TCW's Words

News summary by MFWire's editors

The feud between DoubleLine Capital CEO Jeff Gundlach and his former employer, TCW [see profile], continues to simmer. Miffed by the latest statements coming out of TCW, Gundlach's camp issued a statement late Wednesday blasting comments made by TCW's representatives. DoubleLine's statement, which was picked up by the Los Angeles Times, can also be found on the DoubleLine Web site.

Jeff Gundlach
DoubleLine Capital
CEO
To read the rest of the story of the fight between Gundlach and TCW, click here.

On Tuesday, the Los Angeles Times reported that the office of the U.S. attorney in Manhattan has interviewed some current and ex-employees of DoubleLine [see profile]. The Times also spoke to TCW's outside counsel, who said that TCW had gotten a criminal grand jury subpoena "with regard to the investigation of DoubleLine and its principals for trade-secret theft from TCW."

The attorney, Steve Madison, told the pub that TCW is "cooperating fully with the investigation and has been informed that it is the victim in this particular matter."

Not surprisingly, Gundlach was not happy with those comments. Here's an excerpt from the statement he issued yesterday:
TCW is now resorting to making defamatory statements to the press blatantly mischaracterizing the facts regarding an inquiry by the U.S. Attorney's Office and Special Inspector General, Troubled Asset Relief Program (SIG TARP). DoubleLine has and will continue to cooperate fully with the government's inquiry. For our part, we believe a full investigation of the facts and circumstances surrouding TCW's winning of the PPIP and its subsequent collapse is merited.


And here's another:
In recent press statements, TCW's representatives claim that TCW is "the victim." DoubleLine believes that the real victim is the U.S. taxpayers who were promised Jeffrey Gundlach as the key man to manage their funds while TCW was conspiring for months to fire Jeffrey and replace him with a manager that they did not want.


The Los Angeles Times' Tom Petruno sought a reaction from TCW on Gundlach's reaction, and here's what TCW's people told Petruno: "Any suggestion that the [government's] investigation relates to TCW's withdrawal from the PPIP program is not only false and misleading, but designed to divert attention from the actual focus of the investigation -- namely, theft of proprietary information from TCW by key DoubleLine principals."  

Edited by: Armie Margaret Lee


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use