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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
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

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