No wonder Occupy Wall Street took its protest this week to East 86th Street and the 28,500-square-foot limestone mansion owned by the billionaire hedge fund manager John A. Paulson. According to the NY Times, what better symbol of the excesses of Wall Street than Mr. Paulson, who made billions betting on the real estate collapse and whose opulent surroundings stand in such contrast to the tens of millions of Americans who have lost their homes?
Mr. Paulson made more than $15 billion for his hedge funds by betting on the collapse of the mortgage-backed securities market in 2007 and 2008, then followed up with an equally well-timed bet that large banks would survive the financial crisis and that the price of gold would soar. Last year he personally earned what has been estimated as the largest single payday in Wall Street history: $4.9 billion. That was then, but now….
Read more at http://www.nytimes.com/2011/10/15/business/john-paulsons-golden-touch-turns-leaden.html?_r=1
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