Maybe he's so rich, he thinks $100 million is chump change.
Wall Street tabloid Dealbreaker reported that a hedge-fund manager left his receipt at an ATM in the New York resort village of East Hampton after paying $2.75 to withdraw $400 from an account with a $100 million balance.
Interest on a savings account is less than one percent, meaning that the account holder is making virtually nothing on his pot of $100 million. He could get at least 3 percent in a Treasury account.
The Capital One Bank ATM receipt was given to Dealbreaker by a Wall Street executive, the New York Post reported, though it's not entirely clear why the executive did so.
Dealbreaker also reported that the receipt apparently belongs to hedge-fund manager David Tepper with Appaloosa Management. When contacted by the New York Post, Tepper dismissed the story saying he's too sophisticated a man to leave so much cash in a low-yielding account.
The FDIC only insures up to $250,000 per depositer, per insured bank, for each account. So leaving your ATM receipt at a bank at 10:41 p.m. isn't exactly the smartest way to protect your account information, which is something you'd think a smart money manager would already know.
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