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Readings: Sub-prime profits, Recession talk, Brokers on Reliance Power

Posted on January 16, 2008

Wall Street Journal: Trader Made Billions on SubprimeOn Wall Street, the losers in the collapse of the housing market are legion. The biggest winner looks to be John Paulson, a little-known hedge fund manager who smelled trouble two years ago.Funds he runs were up $15 billion in 2007 on a spectacularly successful bet against the housing market. Mr. Paulson has reaped an estimated $3 billion to $4 billion for himself believed to be the largest one-year payday in Wall Street history.. . . lenders were getting less and less rigorous about making sure borrowers could pay their mortgages. Mr. P...

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