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Dan Loeb’s Vicious Schmear Campaign against Dow Chemical

Key Speakers At The SALT Conference

Jim Cramer didn’t hold back (when does he?) in his passionate criticism of activist hedge fund manager Dan Loeb of Third Point and his treatment of Dow Chemical, as reported by CNBC. Loeb owns a 2% stake in the company and used strong arm tactics, including a schmear campaign against Dow Chemical and CEO Andrew Liveris, to force two people from his hedge fund onto the board of directors.

Cramer called the video Third Point released attacking Dow chemical “vicious” and said the attacks were unjustified, since the company has recovered well since the recession and is up 18% so far this year. The two board members Steve Miller, AIG Chairman and former CEO of Foster Wheeler, Ray Milchovich and current lead director at Nucor, will get stock appreciation right’s from Loeb’s hedge fund, even as Dow’s stock rises.

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Cramer commented, “a controversial pay package to say the least given that these directors are supposed to be working for all shareholders, not just one of them.”

Concerning Liveris, Cramer said, “CEOs who work hard to create value and are doing so deserve better than to be hit with smear hit job videos so that some hedge fund can get a sightly better negotiating position.”



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