Hedge Funds

Mike Novogratz has some pretty scathing things to say about his ex-Goldman partners

Key Points
  • The bitcoin investor and former hedge fund manager and Goldman partner has some pretty choice words for members of the administration and their tax overhaul.
  • "Steve Mnuchin never even modeled the thing — idiot, I-D-I-O-T," he told Bloomberg News. "Gary Cohn shouldn't be able to live with himself."
Michael Novogratz, CEO of Galaxy Investment Partners.
Adam Jeffery | CNBC

Michael Novogratz has some pretty scathing comments to share about his fellow former Goldman partners Steven Mnuchin and Gary Cohn.

Novogratz has lately made a big splash investing a chunk of his money in cryptocurrencies like bitcoin. And the billionaire, who has donated largely to Democrat political campaigns in recent years, has been in favor of some version of tax reform. But he's not exactly in love with how the process is going in Washington.

"This thing is slapped together," he told a Bloomberg reporter who caught up with him at a charity event this week. Asked about the Treasury Department's one-page analysis of the economic impact of the GOP tax plan, he let loose.

"Steve Mnuchin never even modeled the thing — idiot, I-D-I-O-T," he said. "Gary Cohn shouldn't be able to live with himself."

He is referring to the Treasury Secretary and the top White House economic advisor, respectively. All three were partners at Goldman in the 1990s.

Novogratz has talked about "smarter tax reform." Cutting the corporate tax rate, which is what the current GOP proposal sets out to do, doesn't make sense when the economy is growing, he told Bloomberg. And New Yorkers who voted for Trump on the hopes they'd get a tax cut will likely pay higher taxes because the GOP wants to eliminate the deduction for state and local taxes.

"I'm like, serves you right," he said.

Read the full Bloomberg News story here.

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