Hedge fund billionaire Leon Cooperman criticizes Republican candidate, suggests Trump is deserving of prison

Leon Cooperman, the billionaire hedge fund investor known for his well-publicized disagreements with Senator Elizabeth Warren regarding her proposed wealth tax, is advising voters to reconsider reelecting Donald Trump as President.

In a recent phone interview with CNN, Cooperman expressed his concerns, stating that a second term for Trump would have detrimental consequences for the nation. In his own words, Cooperman described Trump as a polarizing figure, noting that he believes the President should be held accountable for his actions and face legal consequences.

Rarely does a Wall Street figure openly express such critical remarks regarding Trump. Cooperman, known to have predominantly contributed to Republican causes, has notably engaged in a fierce confrontation with Warren concerning her proposition of the Ultra-Millionaire Tax.

However, the billionaire expressed his reluctance in voting for Joe Biden in the 2020 election. During an interview with CNN, Cooperman stated that he is not enthusiastic about the possibility of a Biden-Trump rematch in 2024, labelling them as unfavorable candidates. Cooperman further predicted that neither Trump nor Biden will be chosen as their party's nominee in the upcoming fall. If, however, a Biden-Trump rematch were to happen, Cooperman indicated that he would probably abstain from voting.

Cooperman expressed a preference for centrists, rather than those with extreme left or right views. Federal records indicate that he made a donation to Republican Chris Christies 2024 campaign during the summer. In a counter statement, Trump campaign spokesperson Steven Cheung asserted that Trump would be the nominee and would defeat Biden. Cheung highlighted Trump's unique ability to revitalize the economy, ensure border security, protect communities, and bring an end to unnecessary conflicts.

Cheung stated that Americans desire to restore prosperity in the nation and emphasized that President Trump is the sole individual capable of achieving this. The Biden campaign did not provide a comment in response to the request.

Cooperman expressed his concerns about the potential economic risks arising from the ongoing violence in the Middle East. The CEO of Omega Advisors stated that he is genuinely worried about the likelihood of a financial impact resulting from the conflict. Moreover, he pointed out that the recent selling on Wall Street indicates that the stock market is currently aligning itself with the actual situation.

The World Bank issued a cautionary statement on Monday, expressing concern that an escalation of conflict could have significant impacts on global commodity markets, particularly the oil market, leading them into unfamiliar territory.

According to analysis conducted by the World Bank, even a minor disruption, similar to the one experienced during the Libyan civil war, could result in a substantial increase in oil prices, potentially reaching $102 per barrel. In the case of a medium-level disruption, oil prices could surge to $121 per barrel, while a severe disruption such as the 1973 Arab oil embargo could cause prices to skyrocket as high as $157 per barrel.

Cooperman contended that, due to continuing risks, the stock market is currently overpriced in comparison to corporate profits.

Cooperman voiced concern over the absence of fiscal "restraint" among political parties in Washington, highlighting the significant increase in the national debt from $20 trillion in 2017, when Trump assumed office, to over $33 trillion at present.