NEW YORK, Dec 20 (Reuters) - Hedge fund firm Appaloosa Management, run by David Tepper, has made about $7 billion of profit so far this year, the Wall Street Journal reported on Sunday, citing people familiar with the situation.
Through February and March, Tepper scooped up beaten-down bank shares as many investors were running for the exits, the paper said. He bought Bank of America (BAC.N) shares, then trading below $3, and Citigroup (C.N) preferred shares, when that stock was under $1, it said.
Appaloosa specializes in the stocks and bonds of troubled companies and manages about $12 billion, the paper reported.
Appaloosa was not immediately available for comment. (Editing by Carol Bishopric)