What type of a collection do you think this guy could afford?

Dboneesq

Talk about having money! Look what someone did here on Long Island.

cpamike

Doug, I told you that there was mold damage in the basement.

Dboneesq

I know Mike ... that's why I reduced the price by $1,000,000.00.

cpamike

I figured it would be cheaper just to knock it down and start over. It does have a nice view of the ocean though.

YogiBerraFan

You would have way more than mold if you had a basement on oceanfront property.

cpamike

<< <i>You would have way more than mold if you had a basement on oceanfront property. >>



Now I know why they put a swimming pool down there.

handyman

Yall will like the new place.

cpamike

I think when the new place is finished we should have the first annual CU Message Board Long Island Chapter meeting there. We can have Muggyman video the event and post it on youtube for us. Then again, maybe the video would not be such a good idea.

thenavarro

Look at some of the comments below the story. There are some absurdly jealous, judgemental people in this world, LOL. Would like to see a drawing of what he has planned for the lot now.

Mike

Dboneesq

Some pictures of the "OLD" house and some info on the new owner.

Dpeck100

This guy has had the hot hand in the investment world for a while.

He owns a large percentage of the Pitsburg Steelers, is extremely philanthropic, and is extremely loaded.

If you are worth billions, then the cost of the structure you just toar down is really not that big of deal. The land value here would be huge and he may have some way of taking a loss on the structure if there was some form of damage to it.


This is no different then where I live when people tear down $700,000 houses to build $4,000,000 houses as they have no where close to the money this guy has.

As of early 2010 this guy had a personal net worth of 3.5 billion dollars. A few million is literaly a drop in the bucket to this guy.

In terms of a collection, he could own anything he wanted. Period.

Dboneesq

<< <i>This guy has had the hot hand in the investment world for a while.
As of early 2010 this guy had a personal net worth of 3.5 billion dollars. >>



And as of March 2011 his personal net worth rose to FIVE BILLION DOLLARS!

Dpeck100

That means he could buy a house in this price range 125 times with his cash.

It is mind boggling to think of waking up every day with that kind of cash or even a fraction of it. Heck 1% of his net worth is 50 million. WOW!!

WinPitcher

David correct me if I'm wrong but some nitwit on that site claimed that Tepper received a bailout.

I was under the impression he benefited from the Bailouts by buying bank sticks before the collapse.

BunchOBull

Honestly, $40 million of that is probably land; with a new build, he'll probably come out on top with the modern amenities. The old "house" was dated.

Dpeck100

This guy is the real deal.

He loaded up on bank stocks at the bottom and road the wave higher. Yes he benifited from the government saving the banks but everyone else had that chance too. I work for SunTrust Bank in Florida and I had a chance to load up (relatively) on the stock at $6 bucks and chose not to. What people must realize is it takes guts and money and this guy did it.

Mike Navarro pointed out the comments section and I just spent 15 minutes reading them. We are in big trouble with all of the hate and jealousy. This guy is one of the most generous people in the US and by far on Wall St. He runs a mega sized hedge fund with huge returns and gives back to the community in a major way. I can't remember exactly what is foundation does, but he spends a ton of his free time helping the less privledged.

Let me tell you this, we need people like him to get us out of this funk. He pays and obscene amount in taxes, donates large sums of money and gets others too as well, spends tons of cash in the economy both personally and professionally and helps create wealth for many.

We have a world of haters and it must stop. Be glad others have had success and it just might find you too. I am not aware of one person with money that got there being negative.

Dpeck100

David Tepper Foundation


The haters on that website should read this article and a few others.

Many of those will never see $3,000 let alone give away $3,000,000 in one gift.

fergie23

Not to be a hater but as a hedge fund manager he gets to game the tax system as well. Hedge fund managers get to declare most of their income as capital gains and are taxed at the 15% rate. Basically hedge fund managers get a 2% fee on the money they manage which is taxed as ordinary income and then get 20% of the annual profits for their fund which is taxed at the 15% capital gains. They managed to lobby Congress to allow the 20% fee they take out of the profits of their fund as capital gains rather than income. Which is basically nonsense, it is simply a tax give away to a very small group of very rich and influential people (before people make this out to be a Rep vs Dem thing hedge fund managers as a group donate more to Democrats).

As for the philanthropy it is not nearly as impressive giving when the money doesn't actually matter. While nice to donate 3 million dollars, he made 4 Billion dollars in 2009 so a 3 million dollar donation is the equivalent of some one making 100k giving $75.00. Hopefully that helps put things into perspective. I am all for charitable giving but I don't think anyone should be lauded for it when their giving does not have any impact on their life. Giving when your donation changes what you can and can't do means something. Giving when you have more money than you know what to do with it doesn't.

Cheers,

Robb

Dpeck100

Not all hedge funds make money and certainly not all hedge funds make as much as his did. Investors who put their money into hedge funds are betting that even after the high fees the expertese of the manager will still beat the market by a large number. They are quite aware of the fees and one of the most favorable issues is the manager has a ton of is own money at risk. There are a lot of financial investments where the people running it or recomending it have no direct financial skin in the game.

There is no doubt he can afford to donate a great deal of money and he has done so. The real issue is he has donated his time which has proven to be quite valuable.

He has made the money and what else is he going to do with it? The vast majority of people if financial contraints were not an issue would build their dream house too.


David Tepper

fergie23

Not all hedge funds make money and certainly not all hedge funds make as much as his did. Investors who put their money into hedge funds are betting that even after the high fees the expertese of the manager will still beat the market by a large number. They are quite aware of the fees and one of the most favorable issues is the manager has a ton of is own money at risk. There are a lot of financial investments where the people running it or recomending it have no direct financial skin in the game. There is no doubt he can afford to donate a great deal of money and he has done so. The real issue is he has donated his time which has proven to be quite valuable. He has made the money and what else is he going to do with it? The vast majority of people if financial contraints were not an issue would build their dream house too.

I don't actually care what he does with his dream home. He has a lot of money he should do whatever he wants with it. The folks making those comments on that article are simply jealous.

My argument is with how the tax system treats his income. The fact that he has a lot of his money tied into his fund is irrelevant. I own a small business, I have my money tied into my business but I don't get to treat my business profits as capital gains, I get to treat them as pass-through income. He should pay income taxes on the fees he is paid to manage and grow the hedge fund. Any gains his personal stake in the fund make should be treated as capital gains, just like my gains would be if I had a stake in his fund. This one issue is a microcosm of what is wrong with our tax code and political system. Those with money lobby for favorable treatment that doesn't serve the public good. Politicians hand out the favors so they can get elected and re-elected. Doesn't matter which side of the aisle they are on they all end up doing the same thing.

Your point in your other post was not the time donated but the amount of money donated

Many of those will never see $3,000 let alone give away $3,000,000 in one gift.

Donating his time is worthwhile and he should be acknowledged for it. Donating his money is not. It is nice but meaningless. I give a specific amount a year to charities. The money means almost nothing to me and has no impact on what I can and can't do. I give because it is the right thing to do but my gift means less than the $100 someone gives who is making 35k a year and can barely afford to pay for gas each month. While it obviously can't accomplish the same thing that $100 is far more meaningful than what I donate or what Mr. Tepper donates.

Anyways back to cards.

Cheers,

Robb

Dpeck100

There is no doubt that the private equity guys and the hedge funds get favorable tax treatment.

Even the famous investor Warren Buffet was quoted as saying his housekeeper paid a higher tax rate then him.

Are tax system is completely screwed up in many ways and you are correct about that.

WinPitcher

She may have had a higher rate, he certainly paid MORE in taxes than she did.


Steve

mcadams

I've heard Buffet say that before. I have not seen the #'s that back up that claim.

Dpeck100

I will make up a few numbers


She paid $7,000


He paid $297,000,000


But a lower overall rate, big deal in my book

Brick

I really don't think she paid a higher income tax rate. This is one of those things that can be spun for whatever is your belief system. She did pay social security on all of her income but there is a limit on income subject to SS. Others will say the rich pay 95% of the taxes and about 50% of workers don't pay anything. Where does the truth lie?Who knows? I will say that according to my accounting about 8 to 10 years ago I had a better year than Bill Gates. He lost millions if not billions. I only lost thousands.

WinPitcher

Ralph

I think she paid 17% of her adjusted gross, he paid 14% of his.

Obviously, 17% of 100.000 would be less than 14% of millions.


At least that is how I read it. I think his total dollar amount was 47 million.


This was for 2009 IIRC.


Steve

stevek

Nobody is taxed too little...the government spends too much - Case closed.

<<< What type of a collection do you think this guy could afford? >>>

He could corner the market in 1952 Mantles if he wanted to. LOL

WinPitcher

Steve

Yes the government spends too much, but there are people that are not paying their fair share.

And I'm certainly not talking about the small guy cutting lawns or working at Mickey D's.

Dboneesq

<< <i>He could corner the market in 1952 Mantles if he wanted to. LOL >>


At the next National he could walk over to Levi's table, purchase all his cards for ASKING price, including the Mantles, write out a check and then tell Levi to leave HIS table. If he forgot to bring the cards with him when he left he wouldn't even miss them ... or the money.