From Hedge Fund Manager to Pizza Delivery Guy – Oprah To The Rescue!
Here is a story of the new economy. Ken Karpman left his job as an equity trader in 2005 to start his own hedge fund.
Before leaving his job Mr. Karpman had a 20-year career and had a salary of $750,000 a year with Raymond James Financial.
To pay for the new business and the style of living he was accustomed to, Karpman quickly burned through $500,00 in savings and took a line of credit against his house. Mr. Karpman was unable to attract investors and was forced to dissolve his hedge fund. He found himself jobless.
Wait a minute let me get this straight – a hedge fund is more than just a trading operation? You can’t just plant a flag as a hedge fund manager anymore and expect to raise millions of dollars from investors anymore?….
Desperate for quick cash, Karpman tried to find a job bartending but came up empty. Finally, he drove his Mercedes to Mike’s Pizza & Deli Station in Clearwater, Florida and applied for a job as a pizza delivery man. Mike Dodaro, the owner of the pizza shop, said he was shocked when he read his application but he offered him the job despite some reluctance to hire an over-qualified candidate. Karpman’s salary plummeted from six figures to $7.29 an hour — plus tips.
The Karpmans are now on food stamps and a tight budget that doesn’t nearly cover their children’s $30,000 private school tuition. But thanks to an anonymous donor, the Karpmans children’s tuition has been covered through next year and they are deeply appreciative.
Here is a link to a video about the Karpman’s story:
Mr. Karpman’s story does have a happy ending. ABC News is reporting that since the airing of this video job o
ffers poured in for Karpman and his story has attracted interest from Oprah and Dr. Phil. Maybe they can discuss the importance of performing due diligence on a new business opportunity before starting a hedge fund. Or maybe even they can add my book to the Oprah book club, since Oprah has a thing or two to learn about due diligence (remember the scandal surrounding her endorsement of the book A Million Little Pieces by James Frey?)….
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