Wednesday, 24 August 2016
Last updated 9 hours ago
Apr 17 2008 | 12:59pm ET
Josh Birnbaum, who helped orchestrate Goldman Sachs’ highly-profitable bets against subprime mortgage-backed bonds, has left the firm to found his own hedge fund.
Birnbaum, who was a managing director at Goldman, plans to raise about $1 billion for the fund, Bloomberg News reports. The fund is expected to join a glut of other vehicles pouring into mortgage investing in the wake of the continuing credit crisis.
Birnbaum joined Goldman in 1993 and reportedly made between $5 million and $15 million last year.