The sob story according to businessweek John Paulson, the founder of
Paulson & Co., one of the world’s largest hedge funds, has close-cut black
hair, dark eyes, and a soft voice. There’s a fuss when he arrives, befitting a
man who made one of the biggest fortunes in Wall Street history, as his general
counsel and PR consultant jostle for seats next to him. Paulson’s decision to
buy credit-default insurance against billions of dollars of subprime mortgages
before the market collapsed in 2007 earned him almost $4 billion personally and
transformed him from an obscure money manager into a financial legend. Then
came the kind of disastrous run that can unmake a career. In 2011 he lost
billions.
“We clearly stumbled last year,” Paulson says. “We became
overconfident as to the direction of the economy and took a lot of risk.”
Grab a hankie and go to http://www.businessweek.com/articles/2012-06-28/john-paulsons-very-bad-year
No comments:
Post a Comment