Fund Manager David Tepper Leads 'Rich List'
STEVE INSKEEP, HOST:
NPR's business news starts with billion-dollar paychecks.
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INSKEEP: Institutional Investor's Alpha, a publication focusing on hedge funds, releases its annual Rich List today.
And that list estimates the world's top 25 fund managers who earned a combined $14.4 billion last year - which is down slightly from the year before.
DAVID GREENE, HOST:
Topping this list is David Tepper, who took home an estimated $2.2 billion in 2012. Now let's put that in perspective. That's more than one hundred times the salary of Goldman Sachs' Lloyd Blankfein, the highest paid banking CEO.
INSKEEP: Now Mr. Tepper's Appaloosa Management earned his clients an average of 30 percent returns in their investments - well above the six percent average of the stock market. Most hedge funds failed to hit that level last year.