The Excess Files: Target's big pay-out, Apple backs up the truck, and college tours for the 1%
Welcome to another edition of The Excess Files, where every week we bring you the latest news about the lives of the rich...and the super-rich.
The super-duper rich: Four hedge fund managers pulled in more than $2 billion each last year, led by David Tepper's whopping $3.5 billion haul. To be clear, that's over $2 billion for four individual managers for one year of work -- and not for the funds they manage. The data comes from the Institutional Investor's annual "Rich List" - which maybe should be called the "Richie Rich List."
Related: Top 25 hedge fund managers rake in over $21 billion
Target's big pay-out: Another money bombshell dropped this week when Target (TGT) CEO Gregg Steinhafel announced he was leaving the retailer, effective immediately. A credit card breach last Christmas capped a rough run at Target for Steinhafel, who lost billions trying to expand into Canada and struggled to make Target.com a destination for shoppers. Based on Target's last proxy statement, Steinhafel's exit package will be worth over $9 million, Business Insider reports. Amazingly, Steinhafel would be entitled to almost three times MORE money -- nearly $27 million -- had he been fired rather than leave voluntarily. It proves once again that for senior executives, nothing succeeds like failure.
Related: Target data breach is the least of the problems facing new CEO
Apple spends big on retail chief: A regulatory filing this week revealed Apple (AAPL) retail chief Angela Ahrendts received options currently worth $68 million when she joined the firm last year. Ahrendts is considered a retailing genius, and she'll have to be to earn that sum. Her pay package even exceeds the $52.7 million JCPenney (JCP) paid to lure away Apple's last retail "genius," a guy named Ron Johnson.
Flight school: Forget piling into the family truckster. Magellan Jets is offering plans to fly high school students to several different college campuses as they decide where to matriculate next fall. The "deals" START at a cool $43,500 for 10 hours of private jet rental. A college tour that costs more than college itself? Oh great, now I need to open up another 529 plan...
Related: The Excess Files: Mulally and Buffett and Souki...oh my!
That's all for this week. We'll be back with more Excess Files next Friday!
More from the Daily Ticker:
Fannie and Freddie: Too big to wind down
Yes we 'can': The steel industry's push into schools
How a former English teacher is about to become one of the richest people in the world
