Overtime that was not for naught! Thanks to labor laws protecting LBBs, Tepper took home $2.2 billion last year. Other people who made some money in 2012: Read more »
David Tepper
The end of 2012 might’ve been a tough one for the SAC Capital founder, what with the matter of a former employee being accused of orchestrating “the most lucrative insider trading scheme ever,” being referenced in the complaint as Portfolio Manager A, and ultimately being forced to show the softer side of Steve but the Big Guy still managed to take home $1.3 billion, so he’s got that going for him. Other people who made a respectable amount of money include highest earning hedge fund manager David Tepper, with $2.2 billion, Carl Icahn at $1.9 billion, and retired person James Simons, who didn’t have to lift a finger for his $1.9 billion. [Forbes]
And anchor Stephanie Ruhle’s Joe Namath moment, which we’ll allow, because he really does have a beautiful singing voice.
“Of the top 25 earners of 2010, 15 did not make this year’s list [of highest paid hedge fund managers]. Among them: Appaloosa’s David Tepper, whose Palomino fund fell 3.33 percent, and Edward Lampert of ESL Partners, which plunged 12 percent on big losses from Sears Holdings. Mr. Tepper did not respond to requests for comment. A spokesman for ESL declined to comment. Mr. Paulson — the $5 billion manager in 2010 — failed to make the list this time. One of his largest funds lost more than 50 percent, after bets on the economic recovery soured. A spokesman for Paulson declined to comment.” [Dealbook, AR, related: "Mr. Tepper keeps a brass replica of a pair of testicles in a prominent spot on his desk...He rubs the gift for luck during the trading day."]
Back in February, Vanity Fair ran a piece on Jon Corzine in the wake of the whole MF Global situation, attempting to determine “what set Corzine on the road to ruin.” Figuring his personal life would be a good place to start, some story lines that were explored included JSC’s relationship with his children and his divorce from Joanne, who he met in kindergarten and was married to for 33 years. The former was described as having become “increasingly distant” as Corzine made his way up the ranks at Goldman Sachs. The latter “bitter,” which was not helped by the fact that, according to VF, Joanne had gotten “too close” to a onetime GS employee with whom Corzine had “bad blood,” named David Tepper. Jon’s children happened to catch the article and responded to it today in a letter to the editor, the short version of which is: “YOU KNOW NOTHING.” From the longer version: Read more »
Investor Carl Icahn has been buying up debt of LightSquared Inc., the wireless network backed by billionaire fund manager Philip Falcone, according to people familiar with the matter. The stake could enable him to take control of the company should it restructure or file for bankruptcy, one of the people said. Mr. Icahn snapped up LightSquared loans, which are traded on the market like securities, after prices of the debt nosedived last year. Two other distressed-debt investors, David Tepper and Andrew Beal, also bought some of the loans. [WSJ]
Nate Thoma is 33 year-old with “scruffy beard” who lives in Queens and sometimes wears plaid shirts. He’s also a sometime day trader who has “about $500,000 in investments” and in fall 2008, saw his investment in Washington Mutual wiped out after regulators seized the bank. Thoma spent “weeks in front of his Scottrade account, trying to figure out how to recoup money he had lost” and after studying WaMu’s capital structure “saw an opportunity to make it back.” Read more »
As the Appaloosa manager may have his hands tied at the moment, we’re happy to pass it on.
Subject: HOW DO YOU LIKE ME NOW? Read more »
As you may recall, last fall, Appaloosa founder David Tepper told New York that it would be fair to interpret the fact that he bought the $50 million beach house belonging to the ex-wife of Jon Corzine, the man who passed him over for a Goldman partnership, with the intent of demolishing it and building a bigger, better house in its place as his way of rubbing his success in Corzine’s face. “You could say there was a little justice in the world,” Tepper, who left Goldman to found his hedge fund and become a multi-billionaire, said with a smile on his face. Today brings word that Tepper’s dream will be seen to completion- Sagaponak has approved the demolition of the home, as well as Tepp’s request to build a much more luxurious house (large enough to accommodate his noted balls), where the hovel once stood. Read more »
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