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Tepper makes $7bn profit

Hedge fund firm Appaloosa Management, run by David Tepper, has made about $7bn (£4.4bn) of profit so far this year, Reuters reported yesterday. Through February and March, Tepper scooped up beaten-down bank shares as many investors were running for the exits. He bought Bank of America shares, then trading below $3, and Citigroup preferred shares, when that stock was under $1, Reuters said. Appaloosa specialises in the stocks and bonds of troubled companies and manages about $12bn, Reuters reported yesterday, citing an article in the Wall Street Journal newspaper.