10.9m a day.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7085137.ece

David Tepper, the founder of Appaloosa Management, earned $4 billion last year, smashing records for the biggest pay packet received by a hedge fund manager.

Mr Tepper earned the sum after buying bank shares early last year when most other investors were dumping financial stock. The shares subsequently rose sharply, helping his main fund to grow by 130 per cent after fees. Appaloosa manages about $13 billion.

Mr Tepper’s earnings beat the $3.7 billion that John Paulson made in 2007 after betting that the US housing market would collapse.

What in the name of jesus.. This country had a hissy fit over 2 billion cuts and this lad made 4 billion. :eek:

Doyler92

Holy sh*t.

Altho I just read he's a philanthropist so it's not all bad...

RoadKillTs

Fair play. Growing a fund 130% in 08/09 is quite impressive.

ScumLord

Yup, the banking system just isn't working properly when it's dumping billions needlessly in one place and crying out for more billions in critical areas.

ScumLord

ScumLord wrote: »

Yup, the banking system just isn't working properly when it's dumping billions needlessly in one place and crying out for more billions in critical areas.

Well to be fair, his own investors are paying him 4 billion in performance fees.

ScumLord

Deleted User wrote: »

Well to be fair, his own investors are paying him 4 billion in performance fees.

I'm not saying there's anything wrong with what they're doing I'm just saying it's another sign of how poor a system it is to be relying on when it's doing things like that when we're in crisis.

Ciaran500

$32,000 a minute if he's working 5days a week, 8 hrs a day

ejmaztec

He could buy this country, we've got loads of hedges. It must be time to put it on Ebay again.

My name is URL

RoadKillTs wrote: »

Fair play. Growing a fund 130% in 08/09 is quite impressive.

I don't know if I'd say fair play to him tbh. Hedge Funds can be damaging to economies because the speculators often purposely instill doubt in markets. If you think transparency and regulation are bad within the commercial banking sector.. these guys are infinitely worse

My name is URL

My name is URL wrote: »

I don't know if I'd say fair play to him tbh. Hedge Funds can be damaging to economies because the speculators often purposely instill doubt in markets. If you think transparency and regulation are bad within the commercial banking sector.. these guys are infinitely worse

In this particular case, he was buying banking shares at rock bottom... If people like him didn't, what would have happened.

In this particular case.

Schism

Fair play to him is all I can say, took a risk and it paid off.

My name is URL

Deleted User wrote: »

In this particular case, he was buying banking shares at rock bottom... If people like him didn't, what would have happened.

In this particular case.

I have no idea what would have happened.. no idea what will happen when small groups of people buy out entire markets and sometimes even economies, either. I'm guessing that neither scenario would be particularly sound though. Sure maybe we'll be better of when elected governments get less and less control over our fiscal situations

ejmaztec

There's a lot of money to be made in having a hand in raping the economies of the world.

karma_

fair play?

There isn't a job in the world that could possibly justify a yearly salary of 4 Billion quid.

It's obscene in fairness.

bonerm

When a big winner get revealed I always wonder how many impoverished people are created to make one of him.

mikom

Deleted User wrote: »

David Tepper, the founder of Appaloosa Management, earned $4 billion last year, smashing records for the biggest pay packet received by a hedge fund manager.

Should have kept it privet, to be honest.

Sonnenblumen

Deleted User wrote: »

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7085137.ece




What in the name of jesus.. This country had a hissy fit over 2 billion cuts and this lad made 4 billion. :eek:

Had pints with David last night, I tell you, he's a great guy. Nothing special about his tips!

skelliser

Schism wrote: »

Fair play to him is all I can say, took a risk and it paid off.

What happens when it doesnt pay off, oh yeah we the tax payer foot the bill.

PeakOutput

karma_ wrote: »

fair play?

There isn't a job in the world that could possibly justify a yearly salary of 4 Billion quid.

It's obscene in fairness.

his pay directly relates to how well he performs, the better he does the more he gets paid as he takes a percentage of his customers profits

he made alot of people alot of money and he made himself alot in the process there is nothing obscene about that

there is something obscene about paying a ceo huge bonuses after they have destroyed their company but thats something entirely different

PeakOutput

skelliser wrote: »

What happens when it doesnt pay off, oh yeah we the tax payer foot the bill.

care to list any hedge funds that have been bailed out with tax payers money anywhere in the world?

My name is URL

PeakOutput wrote: »

care to list any hedge funds that have been bailed out with tax payers money anywhere in the world?

lol.. every bailout (including NAMA) is pretty much a hedge fund.. massively leveraged, buying distressed assets, taking equity stakes…

Ever hear of LTCM? That led to a massive bailout

stainluss

My name is URL wrote: »

I have no idea what would have happened.. no idea what will happen when small groups of people buy out entire markets and sometimes even economies, either. I'm guessing that neither scenario would be particularly sound though. Sure maybe we'll be better of when elected governments get less and less control over our fiscal situations

Make Ireland capitalist? I like it:)

PeakOutput

My name is URL wrote: »

lol.. every bailout (including NAMA) is pretty much a hedge fund.. massively leveraged, buying distressed assets, taking equity stakes…

Ever hear of LTCM? That led to a massive bailout

a hedge fund fails because they make the wrong bets right?

say betting on a bank that goes bust

the hedge fund dosnt get bailed out

the bank might but the hedge fund dosnt

at least that is my understanding of it and that was my point

Fremen

It depends who the hedge fund owes what to. They bailed out LTCM because they owed money everywhere, and big institutions were depending on that money. The idea is that a fund can be "too interconnected to fail". If failure of an institution poses a big enough threat to the economy or the financial system, it will get bailed out, for sure.

On another note: four billion?! Let's take a step back and think about that. That's a salary equivalent to that of twenty thousand heart surgeons. He got that money by making a correct guess about the direction that the market would move.

But could he repeat that success or was it luck? A guy who could double someone's money on the market every year might deserve pay like that, but a guy who gets lucky gambling with someone else's pension doesn't.

skelliser

PeakOutput wrote: »

a hedge fund fails because they make the wrong bets right?

say betting on a bank that goes bust

the hedge fund dosnt get bailed out

the bank might but the hedge fund dosnt

at least that is my understanding of it and that was my point

Yes but what happens when it becomes "to big to fail", me and you pay. Just look at the last 10 years in this country.
All that money developers borrowed alot of it went into hedge funds and other investments, tell me whos paying for that borrowed money now?!

So not only have these thieves been bailed out, its possible some invested in this particular hedge fund and are now making a profit on our backs!

Everything is interconnected but if your on the inside you will be taken care of. See Anglo and NAMA.

ScumLord

Fremen wrote: »

On another note: four billion?! Let's take a step back and think about that. That's a salary equivalent to that of twenty thousand heart surgeons. He got that money by making a correct guess about the direction that the market would move.

But could he repeat that success or was it luck? A guy who could double someone's money on the market every year might deserve pay like that, but a guy who gets lucky gambling with someone else's pension doesn't.

I'm surprised one person made such a big gain and not lots of people making gains. Bank shares went down, if they didn't come back up that would mean banks failed and the global economy is in ruins making pretty much all investments null and void.

Every government on the planet was doing there best to ensure that didn't happen so the safe money was really with the banks coming back. It was safe money in the sense if you lose everybody loses and money is next to useless anyway, when you win you win big. He bet on the world economy with the human race behind it succeeding, odds are it's going to succeed if everyone is working for it to succeed.

Any economist or banker that bet against that happening was an absolute tool. They would basically be betting against their own profession.

Capt'n Midnight

Deleted User wrote: »

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7085137.ece

David Tepper, the founder of Appaloosa Management, earned $4 billion last year, smashing records for the biggest pay packet received by a hedge fund manager.

Mr Tepper earned the sum after buying bank shares early last year when most other investors were dumping financial stock. The shares subsequently rose sharply, helping his main fund to grow by 130 per cent after fees. Appaloosa manages about $13 billion.

Mr Tepper’s earnings beat the $3.7 billion that John Paulson made in 2007 after betting that the US housing market would collapse.

What in the name of jesus.. This country had a hissy fit over 2 billion cuts and this lad made 4 billion. :eek:

He made $4Bn and he only manages $13Bn and the fund grew 130% ??

$10Bn grown by 130% makes $13Bn - so where did the $4Bn come from ??

even starting with $13Bn you only get to $16.9 Bn which means the $4Bn is more than the fund grew by.

What am I missing ?

kumate_champ07

My name is URL wrote: »

I don't know if I'd say fair play to him tbh. Hedge Funds can be damaging to economies because the speculators often purposely instill doubt in markets. If you think transparency and regulation are bad within the commercial banking sector.. these guys are infinitely worse

Gordon Gecko!

Tar.Aldarion

Capt'n Midnight wrote: »

He made $4Bn and he only manages $13Bn and the fund grew 130% ??

$10Bn grown by 130% makes $13Bn - so where did the $4Bn come from ??

even starting with $13Bn you only get to $16.9 Bn which means the $4Bn is more than the fund grew by.

What am I missing ?

Are you not growing it by 30% instead of 130%

Capt'n Midnight

Tar.Aldarion wrote: »

Are you not growing it by 30% instead of 130%

Ah...

But anyway you look at it he is still getting a huge percentage of the gross profit, one supposes he is exposed to no risk unlike those that own the money.