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Dear Friends,
Have you ever wanted to have the ultimate revenge on someone who didn’t believe in you or stabbed you in the back? Yes, I am sure you have. We are all humans.
Buckle up for the ultimate revenge story that includes billionaires, blowing up houses, divorce and much more. If you like a petty story just read until the end.
Let me give you a brief background:
David Tepper is the billionaire owner of the Carolina Panthers. Tepper purchased the Panthers for a record $2.75 Billion.
Before he was the owner of the Carolina Panthers, David Tepper started his career in 1985 at Goldman Sachs. Within 6 months, he became the head trader in the junk debt bond space. In other words, he was in charge of analyzing if a risky company could pay back their risky debt.
On October 19, 1987, the stock marketed plummeted 22.6% that day is referred to as "Black Monday." It is known as one of the worst days in stock market history.
Stocks were crashing and people did not know if the banks could pay back their debt. Remember that David was an expert in analyzing companies that had tons of debt along with analyzing bank credit.
David Tepper made quick and incredible decisions to buy the bonds of the banks that he knew would survive. He paid pennies on the dollar for them. The stock market bounced back, and Tepper made a KILLING for Goldman Sachs.
It was one of the best years for Goldman Sachs during one of the worst years of the stock market. David Tepper was the main reason for this. Naturally, everyone thought that Tepper would become one of the youngest partners in Goldman history. This was a common practice to reward someone like him. In the early late 1980s-1990s, being named a partner at Goldman came with a base salary of $1 million. A partner's total comp could easily top $5-10 million.
This is where it gets interesting: *insert Jon Corzine*
David Tepper’s boss and (fake) mentor was Jon Corzine. For whatever reason, Corzine did not actually like Tepper. Maybe he was jealous?
Corzine blocked Tepper from becoming a partner. He was adamant that Tepper never joined this famous group of partners.
Tepper was denied partnership in 1988, 1989, 1990, 1991 and 1992.
Furious at being repeatedly passed over, Tepper quit Goldman at the end of 1992. In 1993, Goldman generated $2.7 billion in profits. His old boss made $25 million. Tepper traded his own money and started his fund.
In 1993, David launched Appaloosa Management with $57 million in assets under management. In its first year of operations, Appaloosa grew that $57 million to $300 million.
Tepper made incredible returns during 2001 after the shaky 9/11 stock market, he made billions during the stock market crash of 2008. When 2008 was over, he earned his clients $7 Billion in profits and made himself $4 billion in profit alone.
Tepper is currently worth a staggering $12 billion.
This is where it gets juicy:
Goldman Sachs goes public in 1999 and our boy from earlier, Jon Corzine was FIRED that same year.
He was worth around $400 Million, and he was devastated that he got fired by his Goldman partners.
During the time of his personal grief, Corzine buys this beloved beach house in the Hamptons for around $4 Million. Corzine LOVED this house, he called it his baby, it was his pride and joy. Keep in mind, his kids just left the house so he put all his emotional grief into loving this house.
Friends and family talked about how much he loved the Hampton home, and he would talk about it all the time. He would tell stories about all the renovations that he was doing, and he never wanted to leave it.
Corzine and his wife get divorced after Corzine became a United States Senator and Governor, they could never agree on the terms of the divorce until his wife got his beloved beach house. The beach house was valued at $9 Million at the time of the divorce.
Jon Corzine was really upset and angry that he lost the house.
In 2010, his wife decided to sell the property. He was furious that she was putting up his beloved house to be sold.
An unidentified buyer purchases the house for a STAGGERING $43.5 MILLION after it was valued at $9 Million a few years earlier.
The unidentified buyer?
Our boy David Tepper!
Corzine was reportedly "apoplectic" when he found out Tepper bought the mansion. (I don’t even know what apoplectic means) but we do know that Corzine was so mad that he broke his china glasses.
In what must have been the sweetest act of revenge on a boss ever, not only did he buy the house from his old boss' ex wife, guess what Tepper did next??
He BLEW up Jon Corzine beloved house so he could build a house FOUR times the size of Corzine. The house is said to be 20,000 square feet.
Can you imagine spending $43.5 MILLION to just blow up a house and get revenge?!
This is the ultimate petty story.
One last David Tepper story:
You know when you go to the ATM to withdraw money and they print a receipt? He withdrew $400 from his savings in the Hamptons and forgot the receipt in the ATM.
Take a look at the BALANCE:
$100 Million. Sheesh!
Have a good week! Check out the rundown below:
Matt Allen
The Rundown
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