Rumor has it that a mystery ATM receipt found in the Hamptons this month that revealed a balance of nearly $100 million belongs to billionaire David Tepper. He has denied it. With good reason.
The receipt, which was found in East Hampton, New York, clearly belonged to someone with enough money not to care that their cash was sitting in a low-yield account doing nothing for their bottom line. Perhaps that meant that Tepper, the Appaloosa Management top dude who made billions during the housing collapse, was simply too humiliated to admit it was his? And if it were his, who could blame him for denying it?
There are a few reasons to be embarrassed here. In this economy, to have that kind of wealth seems almost like asking to be hated. Certainly, during a time when so many are out of work and can barely afford to pay their most basic bills, seeing that kind of money just sit idly in a Capitol One savings account is pretty glaring.
The receipt was left in the ATM after the account holder withdrew the cash and DealBreaker said it was Tepper, even revealing that he joked after withdrawing the money that he "hadn't used an ATM since Lehman."
But he denied it, telling the New York Post: "I would never do something as irresponsible as leaving $100 million in a savings account." Very good point. You don't become a billionaire (usually) by being an idiot about money.
It's believable, of course. But then maybe someone so famous for his acumen with cash was just embarrassed that he had $99,864,731.94 in a savings account making little money.
Whoever it was only took out $400, which left the whopping amount just sitting there. And though he did have $100 million, he still paid a $2.75 ATM fee. Boo-hoo. I think he can afford it.
The fact is, to have that much money and be so capricious about it -- I mean at least rip up the receipt for goodness sake! -- shows little respect for the amount in the account. If it is Tepper's (and how many other options are there, really?), then he absolutely would (and should) be embarrassed.
If you have $100 million and an ATM receipt to prove it, do yourself a favor and rip it up. Or put it in your pocket and walk away. Maybe when you are that rich, it's like Monopoly money, but come on. Have some decorum, please.
I guess rich and smart aren't necessarily the same thing.
Do you think he should be embarrassed?
Image via epSos.de/Flickr