Jeffrey Gundlach shoves it in his old employer's face

gundlach2.jpgThe famous and wealthy bond trader, not exactly a nuanced kind of guy, wanted to mark the three-year anniversary of his firing from the giant TCW Group, and so he chose the Magnolia restaurant, which just happens to be in the same downtown L.A. building as TCW. Gundlach also wanted to trumpet how well he's done at the firm he started up, so at this week's soiree there was a big banner that read "DoubleLine $50 billion" (that's the amount of money his new firm has raised so far). In case you forgot, Gundlach was found to have breached his fiduciary duty to TCW and misappropriated trade secrets, but a jury awarded the company no damages. From NY magazine:

The party ran from two in the afternoon until past nine o'clock, and it seemed to have its intended effect: Over the course of the evening, many TCW employees on their way to the parking garage stopped in their tracks to gawk at the party going on inside. Some looked horrified; others laughed at Gundlach's audacity; a few even surreptitiously entered the restaurant to shake their old colleague's hand, our source said. And in case there was any doubt that Gundlach's independence day bash was designed as a conspicuous middle finger to TCW, the firm brought back a piece of evidence from last year's trial -- a poster showing the faces and names of several top TCW executives who had played a role in Gundlach's firing.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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