It’s mid-October, and Jeffrey Gundlach is giving a stump speech to a luncheon crowd of about 200 financial advisers and investors at Los Angeles’s City Club. The renowned money manager’s theme: the financial catastrophe on the horizon.
TCW Group Inc. Chief Executive Officer Marc Stern said he started monitoring the e-mails of Jeffrey Gundlach in September 2009, three months before Gundlach was fired and started DoubleLine Capital LP.
TCW Group Inc. Chief Executive Officer Marc Stern testified that the firing of Jeffrey Gundlach, who was the asset management firm’s chief investment officer, had to be done in a way that made it a surprise.
DoubleLine Capital LP’s Jeffrey Gundlach told a jury he and other group managers at TCW Group Inc. opposed the appointment of Marc Stern as chief executive officer in June of 2009, six months before Gundlach was fired.
The liquidator of Bernard L. Madoff’s firm sued Lion Global Investors Ltd. and at least six other companies to recover at least $172.8 million they allegedly received from investments made with the con man by Fairfield Sentry Ltd.
TCW Group Inc., the Los Angeles-based money manager owned by France’s Societe Generale SA, said Marc Stern will take over as interim chief executive officer from Robert Beyer, who will retire at the end of the month.