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Article: 1 Man, 1 Year: $3.7 Billion Payout; Hedge Fund Manager Won Big by Betting Mortgages Would Fail
- Article from:
- The Washington Post
- Article date:
- April 17, 2008
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The subprime mortgage mess that caused massive losses for
homeowners and banks was a little kinder to hedge fund manager John
Paulson. Betting subprime mortgage securities would sour, Paulson
personally earned $3.7 billion last year.
Yes, you read that correctly. That's billion with a "b."
He wasn't the only one with Titanic-size profits. Two other fund
managers, George Soros and James Simons, who are notoriously
secretive about their investments, earned $2.9 billion and $2.8
billion, respectively, according to Alpha Magazine's annual list of
top hedge fund earners.
The numbers left jaws agape across Wall Street and Washington.
With his windfall from last year alone, Paulson could have ...