Billionaire hedge fund manager Dan Loeb apologized after writing a racial insult on Facebook about a black state senator, The New York Times reported.

Loeb, who’s chairman of the board of Success Academy Charter Schools, accused Senator Andrea Stewart-Cousins, an African-American woman who’s the Democratic leader in the New York State Senate, of having done “more damage to people of color than anyone who has ever donned a hood.”

His remark seems to be a reference to the Ku Klux Klan, a discomfiting remark for a network that boasts more than 90% of students are black or Latino.

On Facebook, Loeb called read more >>>

Source:: BusinessInsider.Com