Cleveland Cliffs (formerly Cliffs Natural Resources) CEO Lourenco Goncalves has a way with words. Luke Kawa from Bloomberg has been tracking his outburst on quarterly earnings calls for years but he took it to another level today, evidently because he was frustrated by the market reaction (-7%) to his quarterly earnings.
“It’s unbelievable that this big banks has still employ this type of
people, you should resign for your lack of knowledge of things, it’s not
like that you don’t understand, you are very one of the best, it’s not
like you don’t understand our business , you don’t understand your own
business. You are a disaster. You are an embarrassment to your parents.
With this being said, we are going to use money to reward the long-term
shareholders. So, if the stock continues to go down based on these kids
that play with computers and somebody else’s money, we are going to buy
back stock. We are going to screw this guy so badly that I don’t believe
that they will be able to only resign. They will have to commit