Tepper takes second helping of a dish best served cold

By Laurie Bennett

November 21, 2011 at 8:23am

Billionaire David Tepper is making a habit of cleaning up (financially) after Jon Corzine’s mistakes.

Last year, Tepper bought a mansion in the Hamptons from Corzine’s ex-wife, Joanne Corzine, who acquired the property in a 2003 divorce settlement. Tepper demolished the home to make way for a new mansion with better views of the ocean.

Now Tepper’s hedge fund, Appaloosa Management, has bought up investments of Corzine’s failed brokerage, MF Global.

David Tepper
David Tepper

The pattern is more than coincidence. Tepper is a former trader at Goldman Sachs. Corzine, former CEO of Goldman, passed him over for a partnership.

When New York magazine asked if buying the Long Island mansion was a way of rubbing Corzine’s nose in his subsequent financial success, Tepper replied, “You could frame it that way.”

Earlier this year, Tepper was among the wealthy backers pushing Chris Christie to run for president.

Christie defeated Corzine for the New Jersey governor’s seat in 2009.

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