John Paulson: Difference between revisions
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|occupation = [[Hedge fund]] manager |
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|nationality = [[United States|American]] |
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'''John Alfred Paulson''' (born December 14, 1955) is president of Paulson & Co., Inc., a New York-based [[hedge fund]]. |
'''John Alfred Paulson''' (born December 14, 1955) is president of Paulson & Co., Inc., a New York-based [[hedge fund]]. |
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Revision as of 22:12, 13 March 2010
John Paulson | |
|---|---|
| Born | December 14, 1955 |
| Nationality | American |
| Alma mater | Harvard Business School (M.B.A.) New York University (B.Sc.) |
| Occupation | Hedge fund manager |
John Alfred Paulson (born December 14, 1955) is president of Paulson & Co., Inc., a New York-based hedge fund.
Paulson received his bachelor's degree in finance from New York University’s College of Business and Public Administration,1978 , where he graduated first in his class, and a Master of Business Administration from Harvard Business School, where he was designated a Baker Scholar, the school's top academic honor, for graduating in the top 5 percent.[1] Paulson began his career at Boston Consulting Group before leaving to join Odyssey Partners, working under Leon Levy. He later worked in the mergers and acquisitions group at Bear Stearns. Prior to founding his own firm, he was a partner at mergers arbitrage firm Gruss Partners LP. In 1994, he founded his own hedge fund with $2 million and two employees (himself and an assistant).
Hedge fund
Paulson & Co., Inc. had assets under management (as of June 1, 2007) of $12.5 billion (95% from institutions), which leapt to $36 billion as of November 2008.[2] Under his direction, Paulson & Co has capitalized on the problems in the foreclosure and mortgage backed securities (MBS) markets. In 2008 he decided to start a new fund that would capitalize on Wall Street's capital problems by lending money to investment banks and other hedge funds currently feeling the pressure of the more than $345 billion of write downs resulting from under-performing assets linked to the housing market. On May 15, 2008, Paulson & Co., which bought 50 million shares of Yahoo stock during the first quarter of 2008, said it is supporting Carl Icahn on a proxy fight to replace Yahoo's board.[3] In early 2008, the firm hired former Federal Reserve Chairman Alan Greenspan.
In September 2008, Paulson bet against four of the five biggest British banks. His positions included a £350m bet against shares in Barclays; £292m against Royal Bank of Scotland; and £260m against Lloyds TSB.[4] He eventually booked a profit of as much as £280m after reducing its short position in RBS in January 2009.[5] On August 12, 2009, Paulson purchased 2 million shares of Goldman Sachs as well as 35 million shares in Regions Financial.[6] Paulson has also purchased shares in Bank of America expecting the stock to double by 2011. [7] In November 2009 Paulson announced he was starting a gold fund focused on gold mining stocks and gold-related investments[8].
On 22 February 2010, Paulson's fund was linked with the restructuring and recapitalization of the publisher Houghton Mifflin Harcourt. [9] Highlights of the agreement include, a reduction in the senior debt to $3 billion from the current $5 billion, with new equity issued to the senior debt holders (including Paulson & Co., Guggenheim Partners, and others)[10], conversion of the $2 billion mezzanine debt into equity and warrant, receipt of $650m of new cash from the sale of new equity. According to the Irish Times [11] the investments by the current equity holders of EMPG, including HMH's CEO, Barry O'Callaghan, private clients of Davy Stockbrokers, Reed Elsevier, and others, will see their investment of over $3.5 billion written down to zero.
Other
John Paulson is not related to former Goldman Sachs CEO and U.S. Treasury Secretary Hank Paulson.[12][13][14] A September 26, 2008 Wall Street Journal opinion written by John Paulson suggested an alternative to the Treasury Secretary's plan for stabilizing the markets.[15]
Paulson is #33 on the Forbes 400 list of wealthiest Americans[16] and is worth approximately $6.8 billion as of 2009.
In 2010, Paulson donated $20 million to New York University Stern School of Business to fund the school’s faculty research, scholarships, and campus renovation.[17]
References
- ^ "John Paulson". Moneyweek. 2008-01-25. Retrieved 2008-06-10.
- ^ "Paulson Statement to Committee on Oversight and Government Reform" (PDF).
- ^ "Paulson Hedge Fund to Back Icahn". 2008-05-15.
- ^ Mackintosh, James (September 23, 2008). "Paulson's hedge fund targets UK banks". Financial Times.
{{cite news}}: Cite has empty unknown parameter:|coauthors=(help) - ^ Sibun, Jonathan (January 27, 2009). "John Paulson makes £280m from RBS's decline". The Daily Telegraph.
{{cite news}}: Cite has empty unknown parameter:|coauthors=(help) - ^ "Minyanville Gazette". 2009-08-13. Retrieved 2009-08-13.
- ^ "Fair Value Of Bank Of America: Is There A Flaw In John Paulson's Math?", Gurufocus, Nov. 25, 2009
- ^ Opalesque (19 November 2009). "Paulson to start new gold fund".
- ^ Houghton Mifflin Harcourt Secures New $650-Million Cash Investment and Recapitalizes Balance Sheet in Historic Restructuring>
- ^ Houghton Owner Restructures Debt>
- ^ EMPG agrees $650m cash injection>
- ^ Paulson
- ^ Queens-born John Paulson makes fortune on home foreclosures
- ^ Paulson Housing Bets Make $2.7 Billion, Beat Citadel
- ^ Paulson, John, "The Public Deserves a Better Deal", Wall Street Journal
- ^ "The Forbes 400". Forbes magazine. 2008-10-06. Retrieved 2008-10-01.
- ^ "Hedge Fund Founder John A. Paulson Gives $20 Million to NYU Stern", NYU Stern.