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Reply #49: David Tepper: junk bonds, hedge funds, "distressed" investing (disaster capitalism) [View All]

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suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 10:11 AM
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49. David Tepper: junk bonds, hedge funds, "distressed" investing (disaster capitalism)
Looks like he is one of the "investors" profiting from all of our pain

The 10 Greediest People of the Year

5/ David Tepper: This hedge needs clipping

Nobody made more money last year than Americas top hedge fund managers, and no hedge fund manager made more than David Tepper. This 53-year-old former junk bond trader at Goldman Sachs hit a $4 billion jackpot essentially betting, in the middle of the global financial meltdown, that Uncle Sam wouldn't let Wall Street's biggest banks go under.

Tepper is currently doing his best to single-handedly reboot Americas still depressed residential real estate market. In June, he spent $43.5 million to pick up a summer home in the Hamptons that used to belong to former New Jersey governor and Goldman Sachs CEO Jon Corzine. The 6.5-acre beachfront spread sports six bedrooms, a tennis court, and a heated pool -- and rented last summer for $900,000.

The $43.5 million Tepper shelled out ended up the highest price paid this year for a Hamptons home. The total also amounted to about half the record $88 million the hedge fund industry raised for the homeless this past May at the 2010 Robin Hood Foundation dinner, Wall Street's single biggest annual charity gala.

One official at the foundation dubbed that $88 million an act of extraordinary generosity. Others might define extraordinary a bit differently. David Tepper and the rest of the hedge fund industrys top 25 last year together pocketed $25.3 billion. They averaged, each and every business day, over $100 million.

More on him:

US unemployment may be hovering just under 10 percent, but some lucky hedge fund managers won't feel a thing. On Countdown with Chris Olbermann, Chris Hayes, Washington editor for The Nation, discusses the news that the top twenty-five hedge fund managers collectively made $25 billion last year. The top earner, David Tepper, pocketed $4 billion by correctly bidding on banks that the government bailed out with taxpayer money. Moreover, because this income is considered capital gains, these hedge fund managers, like Tepper, will pay fewer taxes than a group of Americans who collectively made $25 billion.

As Hayes explains, the news is an indicator of an environment of extreme inequality and underscores how far we remain from a meritocratic order where people are rewarded for their good ideas. The finance sector should be taking money from savings and channeling it into investments--another failure of Wall Street. In order to really rein in the financial sector we must do three things, says Hayes: "Financial regulation that's serious, that breaks up banks and reduces the size of the sector. We need a financial transaction tax, which will tax some of this money sloshing around in these bets and will reduce the size of the sector. And we also need general tax reform, so that we tax people that make that much money a lot at a much higher rate."
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  -Blogger finds ATM receipt from account with $100 Million Dollar Balance. onehandle  Jun-29-11 08:57 PM   #0 
  - Obscene. nt  nc4bo   Jun-29-11 08:59 PM   #1 
  - I had Capital one credit cards.  RandomThoughts   Jun-29-11 09:02 PM   #2 
  - So not only did I pay my debt long ago in that system, but I also learned that there are thieves in  lonestarnot   Jun-29-11 09:55 PM   #28 
  - That's a lotta fookin' beer and travel money.  Hassin Bin Sober   Jun-29-11 10:02 PM   #31 
  - The ATM fee should had been higher for that person.  LiberalFighter   Jun-29-11 09:02 PM   #3 
  - Not a Diebold ATM, by chance?  IDemo   Jun-29-11 09:03 PM   #4 
  - we should make a run on that Bank  Ice Number Nine   Jun-29-11 09:05 PM   #5 
  - That poor bastard needs a tax cut!!! STAT!!!!  arcane1   Jun-29-11 09:06 PM   #6 
  - That's where it went!  Uben   Jun-29-11 09:08 PM   #7 
  - Goddamn! A $2.75 fee just for using an ATM?  Blue-Jay   Jun-29-11 09:08 PM   #8 
  - If wearing a pineapple on your head didn't hurt the rich but hurt the poor...  Commie Pinko Dirtbag   Jun-29-11 09:23 PM   #16 
  - That fee is much cheaper than the fee I pay on my paltry checking acct.  justiceischeap   Jun-30-11 08:43 AM   #48 
  - yep  Liberal_in_LA   Jun-30-11 09:01 PM   #55 
  - Taxed Enough Already, clearly.  leveymg   Jun-29-11 09:08 PM   #9 
  - take out 5 of those digits  dana_b   Jun-29-11 09:11 PM   #10 
  - Somebody with $100,000,000 uses CapitalOne?  Sen. Walter Sobchak   Jun-29-11 09:15 PM   #11 
  - No... It was a Capitol One ATM  jberryhill   Jun-29-11 11:07 PM   #39 
  - Someone needs to pay more taxes!  Dawson Leery   Jun-29-11 09:16 PM   #12 
  - It was probably just one of the bank execs  toddwv   Jun-29-11 09:18 PM   #13 
  - That doesn't seem very smart.  sudopod   Jun-29-11 09:20 PM   #14 
  - Nobody with enough wherewithal to have a million in cash  Springer9   Jun-29-11 09:21 PM   #15 
  - A-ha!  nc4bo   Jun-29-11 09:24 PM   #17 
  - Yes, keeping 100million in one account is not very wise, given the FDIC regulations.  anneboleyn   Jun-29-11 09:38 PM   #22 
  - Discussion I've seen elsewhere indicates it's probably linked to an investment account.  onehandle   Jun-29-11 09:44 PM   #27 
  - They confirmed it belongs to a hedge fund manager. nt  onehandle   Jun-29-11 09:41 PM   #23 
     - Who are 'they' and how did they confirm it?...  nessa   Jun-30-11 09:45 PM   #56 
  - Find that customer and give her a tax break! n/t  upi402   Jun-29-11 09:29 PM   #18 
  - Some businesses make fake atm receipts to leave lying around for courtship displays.  aikoaiko   Jun-29-11 09:31 PM   #19 
  - Damn!  Catherine Vincent   Jun-29-11 09:36 PM   #20 
  - Anyone with that kind of wealth, wouldn't be stupid enough to keep that much in a savings account  tammywammy   Jun-29-11 09:37 PM   #21 
  - MTE. Nobody would keep 100 million in one bank account.  anneboleyn   Jun-29-11 09:41 PM   #24 
  - Yep. n/t  tammywammy   Jun-29-11 09:43 PM   #26 
  - So where do you put it? You can't possibly spread it around enough to be fully insured.  Hassin Bin Sober   Jun-29-11 09:57 PM   #30 
  - Invest it. n/t  tammywammy   Jun-29-11 10:10 PM   #32 
     - Easier said than done. If the receipt is, in fact, David Tepper's, the guy ...  Hassin Bin Sober   Jun-29-11 10:37 PM   #35 
  - you would suggest what?  ProdigalJunkMail   Jun-29-11 10:14 PM   #33 
  - Private Banking  Sen. Walter Sobchak   Jun-29-11 10:20 PM   #34 
  - When you have 100 million to deposit, believe me, they're ALL your private bank.  Hassin Bin Sober   Jun-29-11 10:47 PM   #36 
  - It doesn't have to be a savings account  jberryhill   Jun-29-11 10:59 PM   #38 
     - When you had that 11 million on deposit, was it insured at all?  Hassin Bin Sober   Jun-29-11 11:35 PM   #41 
        - Yes.. Technically it is not in my possession but the state...  jberryhill   Jun-30-11 12:03 AM   #42 
           - Ahhh. Your case is a little different because the G is involved.  Hassin Bin Sober   Jun-30-11 12:21 AM   #44 
  - This is crazy, y'know?  jmowreader   Jun-29-11 09:43 PM   #25 
  - What makes you think it is a Capitol One savings account?  jberryhill   Jun-29-11 11:09 PM   #40 
     - True...  jmowreader   Jun-30-11 08:18 PM   #53 
  - it would appear 0.7% compound interest  Sheepshank   Jun-29-11 09:55 PM   #29 
  - Can you believe they charge 2.75 just to withdraw 400 bucks  jberryhill   Jun-29-11 10:50 PM   #37 
  - And I'll bet they complained to their bank about the ATM fee  Duer 157099   Jun-30-11 12:09 AM   #43 
  - imagine having the pin number !  Historic NY   Jun-30-11 01:25 AM   #45 
  - Thank you  mackerel   Jun-30-11 01:37 AM   #46 
  - What a show-off. n/t  Scuba   Jun-30-11 08:41 AM   #47 
  - David Tepper: junk bonds, hedge funds, "distressed" investing (disaster capitalism)  suffragette   Jun-30-11 10:11 AM   #49 
  - Thank god it passed!!  RandiFan1290   Jun-30-11 10:14 AM   #50 
  - It's so scary when your balance dips below a million $$$.  Divernan   Jun-30-11 10:46 AM   #51 
  - That's 100 million.  Hassin Bin Sober   Jun-30-11 11:22 AM   #52 
  - Going to an ATM at 10:14pm... not the best idea.  Shagbark Hickory   Jun-30-11 08:25 PM   #54 

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