Brass balls and billions

Hedge fund manager to make billions from betting crazy:

An American hedge fund manager is set to collect a $US2.5 billion ($A2.8 billion) pay package for the year after staking huge bets that global banks would recover in 2009.

In one of the richest pay deals of recent years, David Tepper, boss of New Jersey-based Appaloosa Management, stands to land over a third of the $7bn profits generated by the firm in 2009. The hedge fund has said it generated over 120pc returns for year to the beginning of December.

Mr Tepper, a former Goldman Sachs trader who reportedly keeps a brass pair of testicles on his desk, started buying shares in American investment banks in February when the markets feared that the company’s would be nationalised. He bought Bank of America when the shares were trading below $3 and Citigroup at just $1. The firm, which specialises in spotting value in distressed companies, also bought large tranches of debt in February and March. He told the Wall Street Journal: “I felt like I was alone … no one was even bidding.”

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2 Responses to “Brass balls and billions”

  1. graemebird Says:

    Its not about brass balls. Its about being bailed out by the taxpayer. This fellow is a welfare recipient. They banks didn’t “recover” as you put it. They raided the treasury and scuttled the republic. Attempt to get your head around what is going on here.

  2. jc Says:

    Funny but I beat them all, I loaded up on bank of america well before these slow pokes 🙂

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