Matt Levine, Columnist

Sculptor Is Full of Conflicts

Also Wells Fargo fees, free riding and adult children’s short swing profits.

August 30, 2023 at 6:20 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Daniel Och founded his hedge fund firm, Och-Ziff Capital Management, in 1994.1 Like most hedge fund firms, Och-Ziff was a limited partnership, meaning among other things that it did not pay corporate income tax: The firm’s income — the fees that it collected from its hedge fund clients, minus its expenses — was taxed as personal income of Och and his partners.