Averting Logic, This Hedge Fund Titan (Supposedly) Keeps a Nine-Digit Bank Balance...
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At first, panic ensued with the thought that we left a receipt lying around in the open, following a simple ATM transaction last Saturday night.
Relief spread quickly, here at Streetinsider, when it turned out to be Appaloosa Management's David Tepper. After all, how many other people do you know that keep $100 million in the bank?
Yesterday, Dealbreaker posted a photo of a Capital One (NYSE: COF) bank receipt showing an account balance just a hair under the nine-digit mark. The transaction was made in the Hamptons, a notable hangout for rich folks.
Must be a slow week on the Street.
What's more, Capital One hit Tepper with a $2.75 fee on a $400 withdrawal. Further, at that account balance, Streetinsider thinks that any Tepper transaction might have a material impact on Capital One's earnings.
When asked by the New York Post about the balance, Tepper said, "I would never do something as irresponsible as leaving $100 million in a savings account." Dealbreak says Tepper quipped that he "hadn't used an ATM since Lehman."
He also said he hadn't been in the Hamptons all June.
And what can you buy in the Hamptons for just $400, anyway?
Relief spread quickly, here at Streetinsider, when it turned out to be Appaloosa Management's David Tepper. After all, how many other people do you know that keep $100 million in the bank?
Yesterday, Dealbreaker posted a photo of a Capital One (NYSE: COF) bank receipt showing an account balance just a hair under the nine-digit mark. The transaction was made in the Hamptons, a notable hangout for rich folks.
Must be a slow week on the Street.
What's more, Capital One hit Tepper with a $2.75 fee on a $400 withdrawal. Further, at that account balance, Streetinsider thinks that any Tepper transaction might have a material impact on Capital One's earnings.
When asked by the New York Post about the balance, Tepper said, "I would never do something as irresponsible as leaving $100 million in a savings account." Dealbreak says Tepper quipped that he "hadn't used an ATM since Lehman."
He also said he hadn't been in the Hamptons all June.
And what can you buy in the Hamptons for just $400, anyway?
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