Tuesday, 5 May 2015
Last updated 7 hours ago
Jul 23 2008 | 11:47am ET
New York hedge fund Paulson & Co., which made a killing on falling mortgage bonds last year, plans to do the same when the market rebounds.
The $33 billion firm is setting up a hedge fund to make long-term investments in financial services firms burned by the credit crisis and market slump, Bloomberg News reports. The new fund, for which Paulson has not set a fundraising target, may debut in December.
The Amex Securities Broker/Dealer Index is down 35% in the past 12 months, while the largest banks and financial firms have taken some $467 billion in write-offs related to the credit crisis. The new Paulson hedge fund would provide capital to those firms, aiming to profit on their resurgence.
Firm founder John Paulson, who saw several of his funds post triple-digit returns last year, told a Monaco conference that his firm hired professionals to research securities firms to see what sort of opportunity there might be for long-term investments.
“We’re trying to see the right entrance point,” he said. “If you invest too early, you lose money.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…