It has been announced by the Carnegie Mellon University's School of Business, one of the world's preeminent business colleges, that it has received a record $55 million donation from Wall Street investor David A. Tepper and his wife, Marlene. It has also been confirmed, that the gift is the largest donation to Carnegie Mellon in its history of 104 years and the second-largest "naming gift" made to a business school in the United States.

It has been learnt, that in recognition of this transformational gift, the school famed for pioneering an analytical approach to management, will become the David A. Tepper School of Business at Carnegie Mellon. Mr. David A. Tepper, is the President and Founder of Appaloosa Management, a $3 billion hedge fund investment firm based in Chatham, N.J.

While talking to the newsmen Tepper said, "The outstanding education I received at Carnegie Mellon gave me the ability to analyze investment options in such a unique way that I am still capitalizing on what I learned there to this day. I owe a lot to my former professor, Dean Ken Dunn, and the rest of the faculty. This gift is an investment in the legacy the school has already built and a vote of confidence in the future of the Tepper School of Business."

Jared L. Cohon, President of Carnegie Mellon said on the occasion, "We are extremely grateful to David and Marlene for their generosity. This gift will help propel the university and the business school to even greater success and global leadership. David is of one of our outstanding alumni, and it is an honor to have him recognize the university in this extraordinary way."

Kenneth B. Dunn, dean of the Tepper School of Business at Carnegie Mellon, added, "From the business school's inception, Carnegie Mellon's approach has provided a first-of-its-kind academic experience at the frontier of management education. There is an energy here brought about by new ideas, collaboration and intensity that you can't find other places. The Teppers' donation provides a transformational opportunity for the school to remain at the intersection of business and technology and to anticipate and respond to the dynamic needs of the global marketplace.

David Tepper has been heralded recently in the financial press as one of the foremost investors on Wall Street. He was the head trader in the high yield department at Goldman Sachs before founding Appaloosa Management.