Has Bruce Berkowitz
put his ego ahead of his mandate? Chuck Jaffe seems to think so and says as much in his latest commentary
on the Fairholme[see profile]
chief's fight to gain control of troubled real estate concern St. Joe Co.
According to Jaffe, Berkowitz crossed the line last week by buying up to 50 percent of the outstanding shares in St. Joe.
"The move pushes Fairholme across the boundary of what is good for its shareholders, and the moment a fund shows a willingness to put a managerís ego and interests ahead of shareholder concerns and needs, itís time to look for the exit," Jaffe wrote.
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