Saturday, April 03, 2010
David Tepper
To say hedge fund managers have it better off than corporate CEOs is like saying billionaires have really got it over multi-millionaires.
New data released shows times are still pretty good for many corporate executives, even though compensation on average dipped less than 1% from 2008 to 2009. Some of the top earning CEOs were Ray Irani of Occidental Petroleum ($52 million), Robert Iger of Disney ($21 million), and Samuel Palmisano of IBM, William Weldon of Johnson & Johnson and Jay Fishman of Travelers, each with $20 million.
But compared to hedge fund leaders, it’s no contest. Last year, the top managers were
- David Tepper of Appaloosa Management ($4 billion),
- George Soros of Soros Fund Management ($3.3 billion),
- James Simons of Renaissance Technologies ($2.5 billion),
- John Paulson of Paulson & Company ($2.3 billion) and
- Steve Cohen of SAC Capital Advisors ($1.3 billion).
Tepper made big profits--$7 billion—for Appaloosa investors in 2009 by concentrating on banks. Half of Appaloosa’s holdings were shares in Bank of America, Citigroup and Wells Fargo.
-Noel Brinkerhoff
The $4 Billion Hedge Fund Manager, and Other Top Earners for '09 (by Jacob Goldstein, NPR)
Pay of Hedge Fund Managers Roared Back Last Year (by Nelson Schwartz and Louise Story, New York Times)
CEOs See Pay Fall Again (by Joann Lublin, Wall Street Journal)
Appaloosa Management Buys Airlines (Seeking Alpha)
Fund Boss Made $7 Billion in the Panic (by Gregory Zuckerman, Wall Street Journal)
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