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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 08:57 PM
Original message
Blogger finds ATM receipt from account with $100 Million Dollar Balance.
Edited on Wed Jun-29-11 09:49 PM by onehandle
On edit: It's been confirmed to belong to hedge fund manager David Tepper. Also, it's speculated that it is not a regular banking account, but some sort of investment account. The ATM just happened to be a Capitol One machine. Investment accounts apparently come up as a 'Savings Account' on ATM receipts.



http://dealbreaker.com/2011/06/blind-item-which-east-ha...
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nc4bo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 08:59 PM
Response to Original message
1. Obscene. nt
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RandomThoughts Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:02 PM
Response to Original message
2. I had Capital one credit cards.
Edited on Wed Jun-29-11 09:46 PM by RandomThoughts
And a couple others, I started to pay them all off, and just before paying off a card, the agency said they sold the paper to someone else. Although that is in the money system, since I felt it best not to have any money debts to also be free of that system. And since it was fair. And learning they were thieves helped me realize not to work within 'money first' systems.

However, they have not sent the money due to me within concepts of that system. And they know I am due that money, even if not in that system, and that is what upsets them, becuase they are going to have to send me the money, without being able to say they own me, becuase I am free, but am still due beer and travel money.


At that moment, I knew the debt was actually paid, and any other 'statement of debt tried to be made against me was theft'


Although as Norquist admitted, they don't have everybody 'signed up' I am not signed on their belief system.

Watch on Colbert how Colbert defeats Norquist


The devil went down to Georgia lyrics
http://www.youtube.com/watch?v=K6RUg-NkjY4&feature=rela...


Colbert your defense was 'Epic' !!!!!!!! Great win Colbert!!!!!!!!!!!
http://www.colbertnation.com/full-episodes/mon-june-27-...

:loveya:


So not only did I pay my debt long ago in that system, but I also learned that there are thieves in those systems, and I am due much beer and travel money and they know it.

It is funny when a bank tries to steal from you, and you end up owning it.

Capital One Viking Commercial February 2010
http://www.youtube.com/watch?v=LbMm26U1QN0



RE Wards.



However I am due beer and travel money, and that will be sent.

Viking Kittens!
http://www.youtube.com/watch?v=ApxnAr6pRt0


Jessica Alba - Sin City Bar Scene
http://www.youtube.com/watch?v=lfpKjRitYdE


Brothers in Arms - Dire Straits
http://www.youtube.com/watch?v=k5JkHBC5lDs

Bonnie Raitt - I Can't Make You Love Me
http://www.youtube.com/watch?v=nW9Cu6GYqxo

Bonnie Raitt - Nick Of Time
http://www.123video.nl/playvideos.asp?MovieID=407128

Dire Straits - Walk of Life
http://www.youtube.com/watch?v=vZxVC0GB838


Constantine - Bring me to life (Evanescence)
http://www.youtube.com/watch?v=dx8d3K_hngw



Side note about that video clip, the text in that video they got wrong, but the song is pretty good :)

I am Still Standing.
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:55 PM
Response to Reply #2
28. So not only did I pay my debt long ago in that system, but I also learned that there are thieves in
so that's it.
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:02 PM
Response to Reply #2
31. That's a lotta fookin' beer and travel money.
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:02 PM
Response to Original message
3. The ATM fee should had been higher for that person.
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IDemo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:03 PM
Response to Original message
4. Not a Diebold ATM, by chance?

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Ice Number Nine Donating Member (234 posts) Send PM | Profile | Ignore Wed Jun-29-11 09:05 PM
Response to Original message
5. we should make a run on that Bank
Edited on Wed Jun-29-11 09:06 PM by Ice Number Nine
FDIC is only good for 250,000
:)
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arcane1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:06 PM
Response to Original message
6. That poor bastard needs a tax cut!!! STAT!!!!
My heart weeps :cry:
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Uben Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:08 PM
Response to Original message
7. That's where it went!
Been looking all over for it!
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Blue-Jay Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:08 PM
Response to Original message
8. Goddamn! A $2.75 fee just for using an ATM?
fuckin' banks...
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Commie Pinko Dirtbag Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:23 PM
Response to Reply #8
16. If wearing a pineapple on your head didn't hurt the rich but hurt the poor...
...it would be mandatory.
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justiceischeap Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 08:43 AM
Response to Reply #8
48. That fee is much cheaper than the fee I pay on my paltry checking acct.
In the DC area it can be as much as $4.
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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 09:01 PM
Response to Reply #8
55. yep
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leveymg Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:08 PM
Response to Original message
9. Taxed Enough Already, clearly.
Who keeps $100 mil in a regular savings account?

The rich really are different . . .
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dana_b Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:11 PM
Response to Original message
10. take out 5 of those digits
and that's about how much my household has in our accounts combined. wow.
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Sen. Walter Sobchak Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:15 PM
Response to Original message
11. Somebody with $100,000,000 uses CapitalOne?
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:07 PM
Response to Reply #11
39. No... It was a Capitol One ATM

An ATM receipt doesnt necessarily reflect the bank of the account accessed.
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Dawson Leery Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:16 PM
Response to Original message
12. Someone needs to pay more taxes!
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toddwv Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:18 PM
Response to Original message
13. It was probably just one of the bank execs
checking to make sure his bonus for the year was deposited properly before wiring it to an offshore account.
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sudopod Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:20 PM
Response to Original message
14. That doesn't seem very smart.
What if Financial Crisis II hits and Capitol One has some "issues"?
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Springer9 Donating Member (268 posts) Send PM | Profile | Ignore Wed Jun-29-11 09:21 PM
Response to Original message
15. Nobody with enough wherewithal to have a million in cash
leaves it in a bank savings account, FDIC only covers $250,000 for one thing. However someone might have done this....

http://salesreceiptstore.com/novelty_ATM_receipts.html

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nc4bo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:24 PM
Response to Reply #15
17. A-ha!
Could be..
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anneboleyn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:38 PM
Response to Reply #15
22. Yes, keeping 100million in one account is not very wise, given the FDIC regulations.
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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:44 PM
Response to Reply #22
27. Discussion I've seen elsewhere indicates it's probably linked to an investment account.
Not subject to the FDIC limit. That limit is for 'the little people.'
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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:41 PM
Response to Reply #15
23. They confirmed it belongs to a hedge fund manager. nt
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nessa Donating Member (141 posts) Send PM | Profile | Ignore Thu Jun-30-11 09:45 PM
Response to Reply #23
56. Who are 'they' and how did they confirm it?...
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upi402 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:29 PM
Response to Original message
18. Find that customer and give her a tax break! n/t
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aikoaiko Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:31 PM
Response to Original message
19. Some businesses make fake atm receipts to leave lying around for courtship displays.


I'm just saying...
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Catherine Vincent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:36 PM
Response to Original message
20. Damn!
Must be nice.
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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:37 PM
Response to Original message
21. Anyone with that kind of wealth, wouldn't be stupid enough to keep that much in a savings account
FDIC is only up $250k.
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anneboleyn Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:41 PM
Response to Reply #21
24. MTE. Nobody would keep 100 million in one bank account.
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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:43 PM
Response to Reply #24
26. Yep. n/t
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:57 PM
Response to Reply #21
30. So where do you put it? You can't possibly spread it around enough to be fully insured.
Edited on Wed Jun-29-11 10:00 PM by Hassin Bin Sober
Where do you put 100 million if you have, say 20 or 30 times that amount - 2 0r 3 billion?

You couldn't possibly split it up in 250k pieces. There aren't enough banks in the country.

Me? I would place a bunch with Goldman Sachs - cause they own the government and they aren't going down -by hook or by crook. But I wouldn't place it ALL there.

So that's gotta leave some 100 million dollar chunks floating around in, I would assume, financially solvent and hopefully stable banks. I would assume the depositor would have to do some research.
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tammywammy Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:10 PM
Response to Reply #30
32. Invest it. n/t
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:37 PM
Response to Reply #32
35. Easier said than done. If the receipt is, in fact, David Tepper's, the guy ...
... is flush with so much personal wealth,he would probably have a hard time "investing" it like you say.

You just can't plop a couple billion of your take-home in the market. You can't even put that kind of dough in T-bonds without significant risk in the short-term. Not even gold.

Some of it HAS to go in the bank. If that is Tepper's receipt, you are looking at 1/34th of his 2009 take home pay.

Remember, this guy "invests" other people's money.

In 2009 alone he was personally paid 4 billion dollars. With top rates for those special people we call hedge fund managers being 15%, he has $3.4 billion from only one year to bury.


That's a lot of 100 million dollar chunks that have to go somewhere before they GET invested.

Like Frank told Tony Montana: Then you'll find out your biggest problem is not bringing in the stuff... ...but what to do with all the fucking cash!




http://en.wikipedia.org/wiki/David_Tepper
In 2009, Tepper's hedge-fund firm earned about $7 billion by buying distressed financial stocks (including acquiring Bank of America common stock at $3 per share) in February and March of that year and profiting from recovery of those stocks,<3>with $4 billion of these profits going to Tepper's personal wealth. In March 2010, the New York Times reported that Tepper's success made him the top-earning hedge fund manager in the world in 2009,<4> and in 2010 he was ranked by Forbes as the 258th richest person in the world.



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ProdigalJunkMail Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:14 PM
Response to Reply #21
33. you would suggest what?
that it be equally divided among 400 banks? I think not...

sP
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Sen. Walter Sobchak Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:20 PM
Response to Reply #21
34. Private Banking
Pleanty of the super-wealthy keep their money in private banking arrangements a billion miles away from the FDIC.

But never fear, AIG offers deposit insurance on such holdings.
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:47 PM
Response to Reply #34
36. When you have 100 million to deposit, believe me, they're ALL your private bank.
I don't think people are grasping the amount of money here. This is 1/34th of his take home pay. This is his walkin' around money.

There's no doubt in my mind this guy invests some of his personal wealth. But some of it HAS to go in regular financial institutions for at least some period of time. There's no way around it. This 100 million could be last month's take home pay (if it is, in fact, David Tepper's receipt).

I'm sure a guy like this has the inside track on a bank's financial health. The CEO and CFO will probably give him a jingle (or nudge him) when and if things go south.
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:59 PM
Response to Reply #21
38. It doesn't have to be a savings account

ATM's can access a lot of different kinds of accounts at a lot if institutions.

They treat accounts as "savings" or "checking" only because the software is set up to identify the account, whatever it is, as either "checking" or "savings".

For example, if you have a paypal account and a paypal card, an ATM will call it a "checking" account, even though a paypal account is not a checking account or a savings account. But the ATM just calls it one.

I have an escrow account which at one point had 11 million dollars of other people's money that I was holding. An ATM receipt would have probably called that a checking account too.
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:35 PM
Response to Reply #38
41. When you had that 11 million on deposit, was it insured at all?
I don't think people are grasping how much money is floating around uninsured and at risk.

If the receipt in the OP belongs to David Tepper, that's 1/34th his 2009 take home pay. It's his walkin' around money.
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 12:03 AM
Response to Reply #41
42. Yes.. Technically it is not in my possession but the state...

This is a transactional account. You know when you finance a car or buy a house, a whole chunk of money changes hands and passes through short term holding accounts. Same thing with legal settlements. Most states have a designated program called IOLTA (interest on lawyer's trust accounts) whereby lawyers can establish dedicated accounts for holding money that belongs to clients, to keep it separate from the lawyer's business account. The interest on these accounts, collectively, is paid to the state and used for things like legal aid to the disadvantaged and other stuff.

To an ATM, it looks like a checking account, because the lawyer can write checks (eg disbursements to clients from settlements) on it.

They aren't insured per se, but they are "owned" by the state. If you have to hold, say, 500,00 for a week, what are you going to do? The balance on collective short term holdings can be a constant high level, but money is always moving in and out.

That said, THIS receipt does not even need to be from accessing a US bank. There are bad tax dodgers who do things like set up a bank account in Cayman, get an ATM card, direct all of their real or disguised foreign income to the Cayman account, and then then repatriate the money by living in the US on the ATM card.

They go to jail, btw.

The problem is that you can't bring in more than $10,000 in physical cash or notes without reporting it when you enter the US. So what some criminals do is figure that drubs and drabs through the ATM networks won't be noticed. (they are wrong about that, btw, which is why they go to jail).
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 12:21 AM
Response to Reply #42
44. Ahhh. Your case is a little different because the G is involved.
Edited on Thu Jun-30-11 12:30 AM by Hassin Bin Sober
Yeah, I've heard of that trick. My neighbor, who is a CPA/CFO for a small mostly family invested hedge-fund, schooled me on those tricks. She used to live/work in Cayman.

When we fantasize about winning the lottery and what to do with that awful problem of where to stash the cash until we can spend it, she says Goldman - because they will always get theirs should the shit hit the fan. We both bank at Citi and she says no way would she put an uninsured sum in that bank. Just my luck, I would deposit the 20? 30? million and Citi would bust the day my funds would become available.

She tells me her boss, 38 years old worth 500 million all inherited, deposited 10 million in a savings account of a bank going IPO just so he would have first dibs on he offering. So yeah, rich people put money in bank accounts.

Unfortunately, the 15% piddly tax rate for hedge fund managers (if this is David Tepper's receipt), doesn't even make it worth their while to hide the dough.
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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:43 PM
Response to Original message
25. This is crazy, y'know?
You don't get to the point where you've got $100 million in cash by doing stupid shit with your money, and sticking $100 million in an account that pays 1.1 percent interest (I looked it up; this is what the "Capital One InterestPlus Online Savings" account is paying as of the time I will push the "post message" button) qualifies as stupid shit.

Then again, it's better than the bank I'm at, which is paying 0.05 percent on savings.
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 11:09 PM
Response to Reply #25
40. What makes you think it is a Capitol One savings account?

That is simply a receipt from an ATM. The account could be at any bank on the network, including foreign banks.
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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 08:18 PM
Response to Reply #40
53. True...
Assuming it's not a fake ATM receipt, it could even be at a bank with a worse interest rate.
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Sheepshank Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 09:55 PM
Response to Original message
29. it would appear 0.7% compound interest
is better than hedge fund investing right now. This dude knows something we don't know....pull everything out of the stock market....NOW!!!!

REPS are not going to approve raising the debt ceiling. We are fucked!

(do I need to add the sarcasm smilie?)
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jberryhill Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-29-11 10:50 PM
Response to Original message
37. Can you believe they charge 2.75 just to withdraw 400 bucks
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Duer 157099 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 12:09 AM
Response to Original message
43. And I'll bet they complained to their bank about the ATM fee
and got it waived because they carry such a high balance.

The rich don't pay shit.
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Historic NY Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 01:25 AM
Response to Original message
45. imagine having the pin number !
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mackerel Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 01:37 AM
Response to Reply #45
46. Thank you
Welcome to Capital One Bank.
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Scuba Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 08:41 AM
Response to Original message
47. What a show-off. n/t
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suffragette Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 10:11 AM
Response to Original message
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
http://www.alternet.org/economy/149273/the_10_greediest...

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:

http://www.ibtimes.com/articles/103669/20110121/who-is-...
http://nymag.com/print/?/news/features/establishments/6...
http://www.gurufocus.com/ListGuru.php?GuruName=David+Te...

http://www.thenation.com/blog/hedge-fund-managers-beat-...

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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RandiFan1290 Donating Member (721 posts) Send PM | Profile | Ignore Thu Jun-30-11 10:14 AM
Response to Original message
50. Thank god it passed!!
:eyes:
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Divernan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 10:46 AM
Response to Original message
51. It's so scary when your balance dips below a million $$$.
Edited on Thu Jun-30-11 10:47 AM by Divernan
Poor baby probably has trouble sleeping at night.
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Hassin Bin Sober Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 11:22 AM
Response to Reply #51
52. That's 100 million.
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Shagbark Hickory Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jun-30-11 08:25 PM
Response to Original message
54. Going to an ATM at 10:14pm... not the best idea.
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