Thursday, April 17, 2008

Sometimes, pain is good.


Well, isn't this special?

Hedge fund manager Paulson earns $3.7 billion

And how exactly did he do that? Oh ...

Bets on a U.S. housing crisis earned hedge fund manager John Paulson $3.7 billion in 2007, ahead of industry legend George Soros and 2006's highest-paid manager James Simons, according to Alpha Magazine.

Paulson, whose bet that investment grade mortgage bonds would be subject to default in record numbers came good in the subprime meltdown last summer, was one of five managers earning more than $1 billion, Alpha said in a note on Wednesday.

So you losing your house? No problem ... it still worked out well for someone else. Quite nicely, too.

1 comment:

Sheena said...

If you never paid for it, how can it be "your house". Wagering on stupidity is always a safe bet.