RenTech Founder Jim Simons "Urged" CEO Mercer To Resign Over His Support For Breitbart

Last week, the financial world was shaken when billionaire Robert Mercer, co-CEO of RenTec which is arguably the world's most profitable and secretive hedge fund, announced he was quitting on Jan 1, 2018. While the prominent Trump and Bannon supporter did not reveal the reason behind his departure, he did make it clear that he does not agree with everything Steve Bannon does and say, and made it very clear that he is especially disappointed with outspoken conservative media personality, Milo Yiannopoulos, whom he threw under the proverbial bus saying "actions by Yiannopoulos have caused pain and divisiveness undermining the open and productive discourse that I had hoped to facilitate."

Now, in a follow up report from Bloomberg, it has emerged that Mercer did not quit RenTec out of his own volition, but was instead pushed out by Rentec's retired founder, and prominent Democrat and Clinton supporter, Jim Simmons. According to Bloomberg, Simons urged Robert Mercer "to step down from his role as co-chief executive officer over concerns that his backing of Breitbart News was hurting morale at the world’s most profitable hedge fund."

Which is another way of saying that Mercer's support of Trump's policies, Steve Bannon (not to mention monetary investment in Breitbart) cost him his job. 

That, perhaps, is not surprising: after all, in recent months, Mercer’s personal political projects dragged what has otherwise been the world's most secretive firm into the national spotlight. As a result, a backlash from RenTec's founder, and ideological opposite of Mercer was to be expected. Simons, who is a major donor to Democratic causes, negotiated Mercer’s move from top executive to researcher at the computer-driven firm over the past three months, one of the people said. Mercer’s role will change on Jan.

Mercer and his daughter, Rebekah, are prominent Republican donors and patrons of Stephen Bannon, chairman of Breitbart News, a website that backs the nationalist movement that helped elect President Donald Trump.

 

"I appreciated Bob’s willingness to take this step," Simons said Monday night while attending a fundraiser for the New York Public Library.

While Simons had never spoken publicly about Mercer’s political views, he has expressed his own opinions about Trump. At a speech in New York City in late October, Simons said “I think it’s basically terrible that we have a president remotely like our current president. We’ve had some doozies but never of that caliber.”

As Bloomberg adds, Mercer had become over the past year a lightning rod for activists. One group had begun targeting Renaissance Technologies’ investors to encourage them to fire the money manager.

Simons was supposedly less concerned about an investor revolt than he was about employee morale and recruitment, according to one of the people. That is explainable: in the past month, RenTech received a net $1 billion in inflows this month.

In a memo sent last week to employees to announce his resignation as co-CEO and member of the board, Mercer said he sold his stake in Breitbart News to his daughters. He also said that he was "mistaken to have supported" Milo Yiannopoulos, a former Breitbart writer, and was severing ties with him because statements by Yiannopoulos have caused "pain and divisiveness."

Comments

gildedtime YUNOSELL Tue, 11/07/2017 - 12:03 Permalink

I'm an avid reader of Breitbart but can't help but notice the hypocrisy of Breitbart ignoring the Paradise Papers story that seems to implicate several Bannon financiers in off-shore tax sheltering.  I thought they might do better but it's all propaganda.  Breitbart is no better than CNN.

In reply to by YUNOSELL

BobEore gildedtime Tue, 11/07/2017 - 13:01 Permalink

Ummm ... smarten up dude!
Ur not really allowed to say stuff like that here. Youse see

this board is really just an extension of the Breitbart |live from Jerusalem\o/o by srael-firsters news media. Which has its' "alt" and "msm" brands... in a 'basket' of competing agit-prop publications designed to cater to every confirmaton bias under the sun!

But occasionally - as with today - some nugget OF TRUTH IN MEDIA gets exposed to daylight inadvertently... he hehe...

"Mercer and his daughter, Rebekah, are prominent Republican donors and patrons of Stephen Bannon, chairman of Breitbart News, a website that backs the nationalist movement that helped elect President Donald Trump."

"nationalist movement" ... you gotta luv that line! As it turns out... the "nationalist" wing of the Drumpf republican revolution happens to be the direct Bannon/Goldmanite/Nuttyahoo "srael-first" brand of 'nationalism" ... and having "helped" elect DCD... they are entitled to certain 'rewards' ...

but lets' not talk bout that stuff!

Now back to your hypnotic-trance consensus storylines folks!

In reply to by gildedtime

BlindMonkey Son of Loki Tue, 11/07/2017 - 11:55 Permalink

 Anyone picking a side will need to find an entire life with their "team" from work, housing church and recreation.  Nobody paying attention can be neutral or find compromise between the sides.  The best a "modeeate" can hope for is to keep their eyes cast down and live in hope they never utter the wrong thing in front of the wrong crowd.  Do you know how these stories end?  

In reply to by Son of Loki

Peak Finance Tue, 11/07/2017 - 11:34 Permalink

YET ANOTHER company puts politics over their Fiduciary dutyWhy aren't the shareholder lawsuits flying? Oh yeah, that's right, the same (((guys))) that used to sue over shit like this, are the same (((guys))) pushing bullshit political agendas instead of properly managing their corporate responsibilities  Going to really enjoy watching all of these fuckers burn specularity, like the NFL 

RumpleShitzkin Tue, 11/07/2017 - 12:13 Permalink

Sounds like Mercer was tipped off to cash out before the take down of Rentec.

Also interesting to see which part of Rentec Mercer chose to retreat to.
It’s the most valuable part. The data machine.

Late onset ADHD Tue, 11/07/2017 - 15:10 Permalink

let me get this straight... Breitbart the blog is a shit-hole and being associated with it and Bannon is bad for business?...well my my my said the spider to the fly... mercer has the reaction time of a drunk driver...a fucking three year old could figure this out... piss off mercer... you too bannon...  closeted stealth globalist scum, all of them... don't be fooled...

sunkeye Tue, 11/07/2017 - 15:52 Permalink

Israel 1st triumphs again.End the defacto colonization of the USA* by Israel. Bring EVERY American soldier in the Middle East home TODAY. (And from Nor Kor tomorrow but one NeoCon MIC pawn at a time.)* - Soon to be dis-united via CA and/or TX secession.