Depending on how you look at it, hedge funder David Tepper is really a happy guy or sad. After ending his marriage of almost 30 years, David Tepper may have emotional misgivings. But then again, being single, wealthy and living in a world financial center doesn’t have to be all that bad of a life.

David Tepper Hedge Fund Managers

David Tepper, the most successful hedge fund manager

That smile on David Tepper’s face could be from running $20 billion as manager of Appalossa Management, among the most successful hedge funds in the modern era.  In 2009 Tepper personally made $4 billion, following that up by returning close to 30% in 2010.  Having said that, old school alternative investment analysts have a behind the scenes metric they will likely be watching. Quantitative hedge fund allocators might have just ticked a yellow flag in their discretionary, business operations category.

Divorce is typically known as a life changing event. The distractions found in destinations frequented by hedge fund professionals — New York, Chicago, Los Angeles, London, Singapore – are enough to tempt any man.  While many hedge fund traders, in their 20s and 30s, might have entered the club running around until 4 AM and then rocking the open without any problem, at 56 Tepper might be tested.  Not tested by any new market environment or quantitatively manipulated markets.  He might be tested by 20 and 30 somethings running around below Hudson or, if he’s really adventuresome, across the bridge into Williamsburg.

David Tepper’s relationship with Jon Corzine

But the timing on this divorce isn’t bad.  With the kids at adulthood, both David Tepper and his wife, Marlene, who married in 1986, can move to the next chapter of their lives.  For her part Marlene might just decide to ditch her suburban lifestyle in Livingston, NJ.  But just don’t go to the Hamptons estate, Marlene. Don’t think about all those old issues with Corzine.  Don’t go to anyone in the publishing industry to tell the inside story behind David Tepper’s relationship with his one time boss at Goldman Sachs Group Inc (NYSE:GS), Jon Corzine. Wouldn’t it be interesting if, heaven forbid, Marlene did talk, she shed some light on what happened in 1997-98?

Readers might remember that was when Jon Corzine was running Goldman Sachs in a style that the old school investment bankers had never seen before. David Tepper was witness to this reign of intimidation.  In 1998 the capture of the regulatory system was brutally announced when big banks were documented by Frontline to have been behind the removing of a CFTC Chairwoman named Brooksley Born.  She only wanted regulators to look at unregulated derivatives that imploded in the Enron Loophole, then later in 2008 and remain, to this day, a big bank “doomsday machine,” as former SEC Chairman Arthur Levitt describes it.

Write about that, Marlene. Exposing the financial engineering behind most modern crashes in our economic history doesn’t matter.  Just go rock out to the pop sounds of Ashlee Simpson and maybe catch a Pittsburgh Steelers game from the owner’s box.  Life is good. Enjoy it.