John Paulson was one of the very few people who foresaw the financial crisis and actually made billions of dollars profiting from it. Paulson saw the housing bubble as early as 2005. Paulson used a combination of CDOs and CDSs to make his fortune. To read the full story of his short read the best-seller, The Greatest Trade by Gregory Zuckerman. According to Market Folly, "His Credit Opportunities fund launched in 2006 with $150 million aimed to short subprime mortgage backed securities. This fund enjoyed immediate success, causing him to launch the Credit Opportunities II fund. At the end of 2007, the Opportunities fund was up 590% and his Opportunities II fund was up 353%". In 2008, one of Paulson's fund was up 589%! Today, John Paulson runs one of the largest hedge funds in the country, with ~33 billion in assets.
I posted the text and scribd document on Value Walk.
Below I am posting the testimony in scribd format, for best viewing click on full screen mode.
_John Paulson Testimony Before Financial Crisis Inquiry Commission (http://www.valuewalk.com)
I posted the text and scribd document on Value Walk.
Below I am posting the testimony in scribd format, for best viewing click on full screen mode.
_John Paulson Testimony Before Financial Crisis Inquiry Commission (http://www.valuewalk.com)
