An ATM receipt showing a $100 million account balance was left behind at a Hamptons, Long Island Capital One bank. The receipt, uncovered by Dealbreaker.com, reportedly belongs to billionaire hedge fund manager and Hamptons resident, David Tepper. The ATM slip shows a savings balance of a whopping $99,864,731.94.
What’s in your wallet?
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who keeps 100 mill in a bank saving account? Unless that’s “couch change” in that world. Guess he can afford the foreign ATM fee …
Based on what Steve Gibson has said about cracking codes this is way to much information. It’s all numbers and some of the numbers are given and some of the numbers tell you what kind of card it is and I think some would say what bank issued it so this is starting to look crackable. For that kind of cash it would be worth cracking.
I’m also doubtful that he would leave that kind of money in what amounts to a non income producing account. You don’t get to be a billionaire by doing stupid things like that.
I would think it very likely that, if this is genuine, the owner did not actually do anything useful or actually own a company that actually produces anything.
They will likely be some sort of financial crook as described.
I have to wonder how many JOBS he is going to create with that money. Got to keep the rich RICH so that we will all get the trickle down JOBS.
Republican Orthodoxy–currently a large part of the debt ceiling standoff and budget impasse.
Make any sense?
And he’s paying 2.95 to use the ATM, sheesh!
Good for him.
you guys are just jelly.
400 dollars!? What was he buying? An ounce of dank?
Come on, I also like to keep 5% of my money as cash. Pocket change I call it…
$2.75 to withdraw! I just BET he was pissed at that.
People like that always are.
Hookers and blow.
who keeps 100 mill in a bank saving account? Unless that’s “couch change” in that world. Guess he can afford the foreign ATM fee
He keeps it in his savings account so he can withdraw it in cash in other countries (where, by the way, there is generally NO atm fee) without any pesky paperwork.
I’m sure he originally put in a nice round $1M, and he’s already spent $135,000 of it, maybe on an oil-change for his Bugatti Veyron.
No FDIC. Better to own gold, and convert as necessary.
I don’t think he cares about fees, interest. Spending 100 mil is a full time job for someone over 50.
Its a phony. A trumped-up, photoshopped image.
Nobody with that much money is going to keep it in a Capital One checking or savings account.
The rate of return on a daily interest rate account is damn near nothing.
He would have been advised to put the majority of it in any of the near-liquid vehicles which offered a far better rate of return, even if it meant having to make a call or two to free up whatever funds he might require.
I worked in Wealth Management for Chemical Bank, which merged with Chase Manhattan Bank (itself the result of a merger with Manufacturer Hannover and Chase,) which merged with J.P. Morgan and ended up as J.P.Morgan/Chase. (I watched my potential client pool shrink from all of these institutions down to one bank in the Nineties and ‘Noughts.)
mpod–for clarity can you restate exactly what is being photo shopped here?
The cash receipt, or
the cash?
In context, its hard to tell.
#14….
You wouldn’t think that someone would keep that kind of cash in a Capital One savings account. Of course, it might not be a Capital One account, just their ATM.
But, people do stupid things, often against the advise of the people they hire to give them advise. I used to be in banking as well. We had the accounts of a software developer who sold a big one to a big company for millions. Some major portion of the cash went to rational investments, but some stayed in regular money market accounts. For a while, at least.
And then there’s those people like Lindsay who lets herself get arrested for shoplifting when they could easily afford to buy the damned neckless if they wanted it.
5, Bobbo,
And we’re all sure you are chomping at the bits to redistribute his wealth.
McGuyver==all according to law in a democratic society? Of course.
Its all about values. Speaking of values, this cracks me up. So sensitive we are while Rome burns.
New commentator calls Obamagod “a dick” and gets suspended. Ha. ha..
McGuyver, something “niggles” at me equating you with Obama. I wonder what it could be?
http://abcnews.go.com/Politics/video/mark-halperin-calls-obama-a-dick-on-live-tv-13967809?tab=9482931§ion=2808950&playlist=2808979
There is a test happening..
Its happened 3 times in my past.
The prices go THRU the roof.
then slowly drop, to SEE how much money you can afford.
Its no longer the RICH and poor, and some weird balance..
Its Rich, RiCHER, and WANT MORE MONEY..
There are SUPPOSED to be controls in a capitalist system. But they are gone. So Every once in awhile they PUSH the buttons to see if they can GET MORE for less.
There is no such thing as a FAIR trade.
Back in 1991 when I visited the states, I had a bank card issued by Abbey national (UK). I tried it in an ATM in a supermarket and printed out my balance, which stated that I had $999,999.99 available, but I was unable to withdraw more than $10.
I got $10 but it wouldn’t let me withdraw any of the non-existent remaining balance.
Ha! The jokes on him! There’s no way that Capital One actually has his $100 million left. They’ve spent it all and handed it out as a bonus.
BTW, a little tip for anyone who’s homeless and living (in a ditch) near East Hampton, NY — next time you see someone use the ATM, smash his skull in with a hammer, and help yourself to some cash.
He obviously doesn’t KEEP his money in Capital One since they charged him a fee.
QED.
To make America GREAT AGAIN – RESTORE THE PROGRESSIVE INCOME TAX !!! Repuke “Tax Cuts for the Rich and the Corporations” has NEARLY DESTROYED AMERICA !!! Read David Stockman, former Republican Budget Guru:
http://nytimes.com/2010/08/01/opinion/01stockman.html?ref=brettonwoodssystem&gwh=4FD653A8472D08F125763B138A5C9EAE
The LUNATIC FRINGE OF THE REPUBLICAN PARTY IS OUT TO ***DESTROY AMERICA*** !!!
Keep in mind the 99 million is the part that’s not invested in anything.
What’s your own cash as a percentage of all assets? 20% tops?
This means the guy is worth 5 x 100 m = a half billion as a rough estimate.
Not the richest man in USA, but not poorest man either.
Just another Capitol one banking error. mega banks are always screwing up their computer systems. What gives it away is that its 99 million and something, so subtract from 100 million and you have the true amount in the savings account.
Ready–its not “exactly” a zero sum game except in practical reality. Its more a zero sum game than it is one wherein the rich “give” us JOBS.
Of the two characterizations, zero sum is much better to plan/model from with a few key exceptions to give us the growth you refer to.
Yea, verily.
@3, that really isn’t much information. We know that it ISN’T a Capital One card, because of the foreign transaction fee. The number that would identify the type and financial institution of the card would be at the BEGINNING, not the END, which is all we’ve got.
#22 so right, even Capitol One wouldn’t charge their own customer an ATM fee.
As far as keeping that much money in a savings account, maybe he got burned a few years back. Auction Rate Securities were marketed by financial institutions as very highly liquid with much higher rates of return than money-market accounts.Businesses and rich individuals would park short term money in them, believing they could always pull it out in an instant.
Imagine their surprise when in Feb of 2008, these assets became as liquid “as granite.” Lawsuits blossomed.
Here is a link describing the mess:
http://cutimes.com/2011/04/06/fallout-continues-from-2008-auction-rate-market-fr
Ready–sounds totally reasonable/correct/matches my own life experience.
….and this relates to a zero sum game how?
When conservatives advocate for the rich, I wonder how many have any clue how rich these guys really are?
The rich can afford to pay their fair-share of taxes. The rich can pay _much more_ without giving them a single inconvenience.
Yet, the conservative want to cut medical care for the elderly to avoid in the mildest increase of taxes on the ultra-rich.
It’s perverse.