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Super PAC Men: How political consultants took a Fort Worth oilman on a wild ride

The head of a Texas oil dynasty joined the parade of wealthy political donors, aiming to flip the Senate to Republicans. By the time consultants were done with him, the war chest was drained and fraud allegations were flying

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Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

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Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

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Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

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Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

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Top 25 hedge managers make $14.14 billion in slow year

NEW YORK (CNNMoney) -- Last year was a tough one for hedge funds, but the 25 top-earning hedge fund managers still managed to pull in a combined $14.14 billion in 2012, according to an Institutional Investor magazine ranking.

The 12th annual "rich list" placed David Tepper, founder of the New Jersey-based Appaloosa Management, atop its ranking. Institutional Investor said he made $2.2 billion in 2012.

Three others earned more than $1 billion apiece: Bridgewater Associates' Raymond Dalio with $1.7 billion, SAC Capital Advisors' Steven Cohen with $1.4 billion and Renaissance Technologies' James Simons with $1.1 billion.

The rankings are based on combined earnings from performance fees and management fees. All managers on the list earned at least $200 million, up from a minimum of $100 million from a year earlier.

It may seem striking that managers took home such hefty paychecks, considering that the average hedge fund returned just 6.2% in 2012, according to Hedge Fund Research, in a year when the S&P 500 gained 13%.

But while the payout numbers are high, the combined $14.14 billion earned by the ranked managers is the lowest sum since 2008. Last year's number was down just slightly from 2011.

There was only one new kid on the block on this year's list: Discovery Capital Management's Robert Citrone made it into the rankings for the first time.

Several of 2011's top earners disappeared from this year's list, including Carl Icahn, after he returned his investors' money in 2011 and only invested with his fund's own capital.

 

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