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David Tepper, you need to check dealbreaker more often...
http://dealbreaker.com/2011/06/blind-item-which-east-hampton-resident-l…
Didn't it say that he denied it...?
a HF mgr knows better than to have that much money resting in a savings account. Probably some old money grandma
I think its photochopped.
Do you really think a person who somehow has $100MM of free cash is gonna keep it in an unsecured POS savings account?
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^I doubt it's in a traditional savings account. I'm sure he has an account that reimburses his fees (I know my fidelity account does).
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People are asinine, that many comments about things like FDIC insurance and fee fees? Shows how few people on many finance sites actually have any idea how the finance elite live, as anyone with half a brain would just assume that it's one of the options already mentioned (private bank account that reimburses fees, brokerage account, etc) and also figure out it's clearly not a Capital One account. You don't even need to be a high roller to have a Charles Schwab account that does that stuff.
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The FDIC thing is at least a valid concern (and to be fair a PB account isn't secured beyond the FDIC limit, anyway)-the idea that people were like LOL $2.75 or assumed it was a Capital One account because of the ATM was what ground my gears.
I'm with you Kenny, I just don't see why anyone would ever want an account like that linked to their ATM card
For real, I'm still in college and I have a Fidelity account. It doesn't take much.
It's 2% of his net worth... Decent asset allocation in my book.
People talking about the FDIC limit and fees/interest rates are crazy. Whoever it is is obviously worth 10 figures, and doesn't give a rat's ass about that. They probably have well over $100M just in real, personal assets alone (house, boats, cars, etc), have money in tons of other liquid and illiquid financial assets (bonds, stocks, PE funds, hedge funds, etc.).
Are you guys seriously suggesting they split up $100M into thousands of tiny FDIC insured chunks? And who cares about minor fees, and a low interest rate? 1% on $100M is $1M a year...like who cares at this point.
I'll just reiterate what was already said about the FDIC..when one has enough money to have $99M+ in one bank account I'm almost positive one would not care...about FDIC blah blah blah...
Side note. Good lord that is a lot of money he could go out and buy anything he wanted with his debit card... wow.
Now you guys know how much I'm worth. :(
The thing I'd be really worried about is someone looking over my shoulder and seeing $99mm, or picking up the receipt after I left and seeing the same. Sounds like a good way to get robbed
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