john paulson
The most cynical man in America (also the smartest and now one of the richest)
John Paulson (no relation to Hammerin' Hank) knew back in 2006 that everybody on Wall Street was crazy. Unlike certain other people who knew this, and taught it, and wrote about it, Paulson had the onions to bet money on it with his hedge fund. For the last two years, he's scoured the market for "investments" with which to clean up on the collapse. When the experts initially said there'd be a quick recovery, Paulson knew better and doubled down. When the experts said the recession would be moderate, he doubled down again. And yet because he's profiting on the miseries of today, some people want to add him to the list of genuine villains (such as Kerry Killinger, who practically crucified his Washington Mutual employees if they didn't write a quota of stupid mortgages, or Robert Rubin, whose Citigroup shareholders lost more than 70% of value since he joined the firm and began earning his $115m, yet who admits to even fewer mistakes in 8 yrs [i.e., none] than George W. Bush). Portfolio
John Paulson (no relation to Hammerin' Hank) knew back in 2006 that everybody on Wall Street was crazy. Unlike certain other people who knew this, and taught it, and wrote about it, Paulson had the onions to bet money on it with his hedge fund. For the last two years, he's scoured the market for "investments" with which to clean up on the collapse. When the experts initially said there'd be a quick recovery, Paulson knew better and doubled down. When the experts said the recession would be moderate, he doubled down again. And yet because he's profiting on the miseries of today, some people want to add him to the list of genuine villains (such as Kerry Killinger, who practically crucified his Washington Mutual employees if they didn't write a quota of stupid mortgages, or Robert Rubin, whose Citigroup shareholders lost more than 70% of value since he joined the firm and began earning his $115m, yet who admits to even fewer mistakes in 8 yrs [i.e., none] than George W. Bush). Portfolio
Comments
So, he's profiting becaue he knew economists wer wrong/lying. I get that. How does that make him a vllain?
Posted by kingmonkey in Athens, Ontario on 01/19/09 at 12:49 PM
It's like betting the "No Pass" line in craps. Might piss off the others at the table when you win, but it's a legitimate bet and you have every right to collect your winnings.
Posted by BikerPuppy on 01/19/09 at 04:43 PM
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