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Source: wallstfolly.typepad.com --- 28 days ago
Wall Street Journal reporter Greg Zuckerman is spinning the story of John Paulson's massively profitable housing market bet into gold of his own. He's sold a book to Doubleday, netting an estimated $250K range advance, that's based on an early... ...
Source: dealbook.blogs.nytimes.com --- 2 days ago
Although Paulson & Company’s John Paulson may have had a tough July, there’s no denying that the hedge fund manager scored big during the subprime mortgage crisis. But the housing market troubles seem to have touched even the millionaires’ playground that is the Hamptons. While Mr. Paulson recently picked up an estate there for $41.3 million, [...] ... Source: www.washingtonpost.com --- 34 days ago
Jack Nash, 79, who helped create the modern mutual fund and hedge fund businesses, training such investors as John Paulson along the way, died July 30 at Mount Sinai Medical Center in Manhattan, N.Y. ... Source: online.wsj.com --- 6 days ago
John Paulson cuts the price on his Hamptons home; Manhattan's Spence School buys a townhouse; NBA's Ray Allen trims the price of his Washington home, while a few miles away MLB's Jay Buhner lists his house. ... Source: latimesblogs.latimes.com --- 25 days ago
We don't even have official presidential nominees yet, but there has already been speculation that whoever ends up in the Oval Office will ask two Cabinet secretaries who are dealing with particularly sensitive issues — Treasury Secretary Henry M. Paulson Jr. (the mortgage/credit crises) and Defense Secretary Robert M. Gates (Iraq and Afghanistan) — to stay on in the new administration, at least for a little while. Gates was asked about that during a news conference in June and responded: "The circumstances under which I would do that are inconceivable to me." Still, as The Times reported that month, national security advisors for both Barack Obama and John McCain strongly support the idea of Gates remaining in charge at the Pentagon, and Gates himself has asked his senior civilian advisors to be prepared to stick around. Paulson's turn to discuss the issue came during an interview with NBC's Tom Brokaw taped Saturday in Beijing, where the Treasury secretary and his family are on vacation, and broadcast this morning on "Meet the Press": BROKAW: I know you had a conversation recently with the Democratic candidate for president, Barack Obama — we presume he'll be the nominee. There's been a lot of speculation that you may stay on, whoever's elected president, as Treasury secretary, because you're midstream in some profound changes. Would you like to stay on?Paulson: No, Tom, I wouldn't. I'm, I'm, I, I care a lot about this country. ... Source: www.huffingtonpost.com --- 15 days ago
When 9-term Republican Congressman Jim Ramstad (MN-03) decided to pack it in and retire from politics this year, he was doing a favor for the residents of the Hennepin County suburbs surrounding the twin cities. Ramstad isn't some kind of radical right extremist like bizarre neighbors John Kline and Michele Bachmann; he's a mainstream conservative in a moderate blue-trending district (PVI- R+1). Bush managed to win the district with 51% of the vote in 2004; in a rematch today he'd be lucky to break 30%. Ramstad's would-be successor, Erik Paulsen, is not a mainstream conservative; he's a far right extremist more in the Kline/Bachmann mold. Hennepin County Democrats have nominated a far more suitable candidate, Ashwin Madia. Minnesota bloggers are out raising funds for Ashwin today. It's Ashwin Media Blog Day . He deserves a hand-- and in a race that the polls show neck and neck, a hand is just what he needs. The Greenberg Quinlan Rosner poll of March 12 shows Ash and Paulson in a statistical dead heat. Right-wing PACs, Big Pharma, commercial banks, the Insurance Industry have all been pouring money into Paulson's campaign. Ash has managed to pretty much keep up thanks to grassroots and netroots efforts on his behalf. Paulson's biggest donor: Target Corp. Ash's: ActBlue. A few weeks ago I spent some time on the phone with Ashwin and I was very impressed by an idealistic young man with a sharp mind a good solid sense of reality. The ... Source: nymag.com --- 24 days ago
FINANCE • Two days before Bear Stearns collapsed, someone wagered $1.7 million that the company's shares would plummet. "That trade amounted to buying a lottery ticket," says one strategist. "Would you buy $1.7 million worth of lottery tickets just because you could? No. Neither would a hedge fund manager." [ Bloomberg ] • Treasury Secretary Hank Paulson agreed with President Bush's analysis that Wall Street was drunk and now it's got a hangover, saying there "absolutely" was "a lot of truth" to the statement. [ NYP ] • Poor Carl Icahn! The activist investor's hedge funds are down 6 percent, shares of Icahn Enterprises have dropped 50 percent, and he's not winning any boardroom battles: So far this year he's struggled with Yahoo and faced defeat with auto-parts maker Lear Corporation. He still has billions of dollars, though.[ NYP ] MEDIA • Ex- NYT reporter Sharon Waxman will start an entertainment news aggregation site called The Wrap. [ MarketWatch ] • The New York Times explains why it stayed away from the John Edwards affair story for so long, sort of. [ NYT ] • The FBI apologized to the New York Times and the Washington Post for botching the way it obtained phone recorders from the newspapers' reporters when the bureau was involved in a national-security investigation nearly four years ago. [ WP ] • Rolling Stone is shrinking its size, getting heavier paper stock and a perfect-bound spine, which should make stacking it in pi ... Source: seekingalpha.com --- 29 days ago
Erick Schonfeld submits: Yahoo’s (YHOO) retally of its shareholder votes shows the deep-seated anger among shareholders and how close CEO Jerry Yang and chairman Roy Bostock were to being ousted from the board of directors. The votes had to be recounted after one of Yahoo’s largest shareholders, Capital Research and Management, questioned the initial results. (The miscount was the fault of Broadridge Financial Solutions, the proxy processor—their credibility is shot now). Half of the “No” votes for Yang and Bostok were initially never counted. Instead of the initially reported 15 percent and 21 percent of votes withheld for Yang and Bostock, respectively, the true “No” votes were double that: 34 percent for Yang and a whopping 40 percent for Bostock. Those numbers are dangerously close to what would have been needed to kick them off the board. And it raises the question of what would have happened if Carl Icahn had decided not to back down from a full proxy battle. While it is doubtful that Icahn would have been able to overturn the entire board, he might have been successful removing Yahoo’s chairman and CEO. Between himself and other allies such as John Paulson and T. Boone Pickens (who ended up selling his shares at a loss), the Icahn contingent controlled at least 10 percent of the votes . That could have been enough to get rid of Bostock (depending on how Paulson voted his 4 percent stake). And keeping up the public pressure ...
Source: seekingalpha.com --- 15 days ago
Rick Newman submits: John McCain and Barack Obama have been choosing their words carefully when it comes to the foundering mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE). No doubt they're starting to realize that whoever gets elected in November is likely to get saddled with this massive problem on Day 1. In July, when Treasury Secretary Hank Paulson secured the authority to bail out or even nationalize the two huge mortgage underwriters, the hope was that the government's explicit backing would be enough. If the government pledged to bail out the two agencies in an emergency, the theory went, that would reassure investors, who would keep buying Fannie and Freddie debt, since they wouldn't have to worry about a default. And the capital raised in the debt offerings was essential to keeping the two firms solvent so they would continue to buy mortgages and prevent the housing market from sliding even deeper into gloom. Complete Story » ...
Source: www.kentucky.com --- 30 days ago
The Treasury Department said Tuesday it had hired investment firm Morgan Stanley to help the government assess the risks facing mortgage giants Fannie Mae and Freddie Mac. For $95,000 to cover the company's expenses, Morgan Stanley will assess the state of the mortgage market and give the government a financial profile of the two firms. The two mortgage firms received a promise of support from the federal government as part of a sweeping housing rescue bill passed by Congress and signed into law by President Bush last week. Treasury spokeswoman Brookly McLaughlin said the contract would help ensure the Treasury Department had good advice to decide how to support the two mortgage firms, which together own or guarantee half of all U.S. mortgages. While Congress gave Treasury the authority to extend an unlimited amount of loans to the two companies, Treasury Secretary Henry Paulson has stressed that the new authority is a back-up measure that will not be used unless market conditions worsen. In a statement, Morgan Stanley Chairman John Mack said his company would help the government evaluate "various alternatives for Fannie Mae and Freddie Mac." ...
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His home wasn't foreclosed on so I'm not sure this technically falls under the category of "ironic" but I think we can definitely consider it rich: John Paulson, who made a killing shorting the individual mortgages of down-on-luck friends out East, has been forced to slash the asking price of his Southampton home. The 6,800 square foot house is now going for the bargain basement price of $16.9 million, after sitting on the market for four months at $19.5. John Paulson's Southhampton Price Cut [City File] ...
Good news for anyone looking for a huge bargain in the Hamptons now that we've reached the end of the season. After languishing on the market for four months at $19.5 million, billionaire hedge funder John Paulson has slashed the price of his 6,800-square-foot Southampton home. It's now just $16.9 million. Even with the $2.6 million discount, Paulson will still collect a profit (assuming he sells at that price, of course). He bought the three-acre property from Jurgen Friedrich for $12.75 million in 2006. But after his hedge fund's stellar year in 2007—Paulson himself collected ten figures, making him the highest-paid man in finance for the year—it was clear he'd have to trade up, and he picked up an estate nearby for $41.3 million. After the jump, photos of Paulson's hand-me-down. \ Southampton Estate [Prudential Douglas Elliman] ...
Portfolio has a big article on the business of The Jonas Brothers, the boy band that is apparently a big deal with the kids these days.* Sophia Bonay handily broke down the object of tween/teen lust that hopes to attain "Miley Cyrus-like success," a goal now very much within reach, what with the fresh round of funding from venture capitalist firm NAMBLA. For those of you who truly only care about the JBs from a business perspective (right), there's a lot of interesting information. $12 million: 2007 earnings, with $9 million from the group's tour and $3 million from music and merchandise sales. 140: Total number of stops on their hilariously named "Look Me In The Eyes" tour, which began in January 2008 and runs through 2009. 29: number of guitars the brothers own. $9,000: StubHub price of a pair of orchestra-section tickets for the August 16 sold-out show in Holmdel, New Jersey. 3: Number of consecutive Jonas Brothers singles that garnered more than 100,000 downloads-- a record-- on iTunes. $2.8 million: price of the home in Dallas that the brothers purchased in June 2008. 946,362: MySpace friends (as of August 13, 2008). 743,915: MySpace friends assumed to be sexual predators (as of August 13, 2008). There's one extremely important number, some might say the most important number of all, that Portfolio shamefully failed to include. That number is $300,000: Steve Cohen's winning bid at the Robin Hood Foundation benefit in May for ...
The story of John Paulson, the previously anonymous hedge fund manager who just made $3.7 billion shorting the subprime market, profiting while others were losing their shirts, is now being turned into a book, "The Greatest Trade Ever." That sounds familiar...where have we heard that before? Oh, right . NYP : Wall Street Journal reporter Greg Zuckerman snagged one of the early interviews with hedge fund manager John Paulson in January, and now Zuckerman's parlayed that story into a six-figure advance from the Doubleday imprint of Random House to write "The Greatest Trade Ever." The advance is estimated to be in the $250,000 range. The book aims to show how Paulson and a group of no-name hedge funds made the most unlikely killings in Wall Street's history, betting that the housing market would crack, even as Wall Street banks worked to keep real estate prices climbing. Paulson's firm netted a $15 billion profit last year, and Paulson himself walked away with a personal cut of $3 billion. At least a half-dozen publishers jockeyed for position in an auction that was won by Roger School , the editorial director of Double day business books at Random House Inc. "It's not a book about the housing crisis, it's about a trade that will be remembered on Wall Street for a long time," said agent David McCormick at McCormick & Williams. Paulson was already a success, but the deal catapulted him to the upper reaches of the elite - even as many o ...
AFP Paulson Says No Plans to Add Cash to Fannie, Freddie (Update1) Bloomberg - 54 minutes ago By John Brinsley Aug. 10 (Bloomberg) -- US Treasury Secretary Henry Paulson said there are no plans to use his new authority to inject capital into mortgage companies Fannie Mae and Freddie Mac, which both posted worse-than-expected earnings last week. UPDATE 1-Paulson says won't stay at Treasury past January Reuters Paulson vows to resign in January MarketWatch The Associated Press - AFP - New York Times - Minyanville.com all 58 news articles ...
Boston Globe Paulson Might Weigh Whom to Hurt in Any Fannie Rescue (Update1) Bloomberg - 43 minutes ago By John Brinsley and Rebecca Christie Aug. 22 (Bloomberg) -- Treasury Secretary Henry Paulson's response to the sinking fortunes of Fannie Mae and Freddie Mac might boil down to picking which investors get hurt and by how much. Moody's downgrades Fannie, Freddie ratings CNNMoney.com Fannie Mae, Freddie Mac's BFSR, preferred stock ratings cut - Moody's Forbes Wall Street Journal - Wall Street Journal Blogs - Washington Business Journal - Asbury Park Press all 2,285 news articles ...
Los Angeles Times Paulson Says No Plans to Add Cash to Fannie, Freddie (Update2) Bloomberg - 6 hours ago By John Brinsley Aug. 10 (Bloomberg) -- US Treasury Secretary Henry Paulson said there are no plans to use his new authority to inject capital into mortgage companies Fannie Mae and Freddie Mac, which both posted worse-than-expected earnings last week. Paulson says won't stay at Treasury past January Reuters Paulson rules out staying on at Treasury AFP Los Angeles Times - The Associated Press - Wall Street Journal Blogs - MSNBC all 277 news articles ...
Felix Salmon submits: How do you know that markets are broken? Sometimes it's the presence of a clean arbitrage like that in Thomson Reuters shares . But there's a much bigger weirdness going on right now: as John Carney reports , the spread on long-dated agency debt hit 215bp yesterday. Which is roughly the same as the spread on Tunisian bonds, and is actually wider than where Panama is trading. And that's after Hank Paulson came out and made explicit what everybody knew to be the case all along -- that there's no conceivable way that the US government is going to allow the agencies to default on their senior debt. On the other hand, sometimes you know the markets are broken because Fortress (FIG) has bought a 16 billion of your lovingly-crafted triple-A CDO tranches at between 10 and 12 cents on the dollar. Complete Story » ...
President, governor, a third term as mayor, and now add Secretary of the Treasury to the list of jobs that Mayor Bloomberg is not interested in. Amidst speculation that Bloomberg might be considered to head the nation's secretary, Bloomberg said he had no interest in the position and suggested that any recent ones from Robert Reich to current Secretary Henry Paulson would make more fitting choices. Bloomberg also responded to John McCain's comments from earlier in this week that the mayor was not a good fit for his running mate because he was "pro-gay rights." Bloomberg said, "I think that choice and gay rights are fundamental issues left to individuals. Particularly, I think if you are a conservative —you should say government should get out of the bedroom." ...