Hedge fund manager to net £1.5bn from battered banks
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American hedge fund manager David Pepper is set to bag £1.5bn after investing heavily in the battered banking sector earlier this year.
According to reports, Pepper, who runs US hedge fund Appaloosa Management, invested in the global banking sector durings its low in February and March 2009 when it was thought the sector could be nationalised.
Pepper’s firm is set to make its own £4.4bn profit according to the Wall Street Journal. He purchased the shares as the US treasury announced plans to bolster banks through the purchase of preference shares.
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Readers' comments (2)
Evan Owen | 3 Jan 2010 8:29 pm
A '"socially useless" activity?
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Mike Humble | 4 Jan 2010 12:46 pm
2 simple questions - whose money did he gamble with and what would have been the cost to him if he had lost?
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