John Paulson’s Abacus billion a drop in the bucket
The deal in which Goldman Sachs, according to the SEC, defrauded some of its investors made hedge-fund king John Paulson a billion dollars. It all pivoted on hundreds of thousands of ordinary homeowners defaulting on their mortgages. WSJ’s Anton Troianovski reports.
Source: The Wall Street Journal, April 21, 2010.
Although Paulson made a mighty $1 billion from Goldman’s 2007 Abacus deal, this deal’s profit was a drop in the bucket in comparison with the $15 billion his funds made in 2007 across a variety of smart trades according to Portfolio.com (via Clusterstock – Chart of the Day). “So his guru status should stand the test of time regardless of how Goldman may or may not have helped him out. That’s why his negative press right now is so unfortunate for him,” said Clusterstock – Chart of the Day.
Source: Clusterstock – Chart of the Day, April 21, 2010.
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