El hombre que hizo lodo en la crisis hipotecaria
18.04.2008 @ 09:32 \09\Fri, 18 Apr 2008 09:32:29 +0000\29 +0000 UTC
Como bien saben, la actual crisis hipotecaria ha ocasionado pérdidas billonarias. Pero no todos han perdido dinero, sobre todo un tal Sr. Paulson quien hizo entre 3 y 4 billones de dólares en un sólo día.
On 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.
On the way to his big score, Mr. Paulson did battle with a Wall Street firm he accused of trying to manipulate the market. He faced skepticism from other big investors. At the same time, fearing imitators, he used software that blocked fund investors from forwarding his emails.
Most people told us house prices never go down on a national level, and that there had never been a default of an investment-grade-rated mortgage bond,” Mr. Paulson says. “Mortgage experts were too caught up” in the housing boom.
By 2005, Mr. Paulson, known as J.P., worried that U.S. economic strength would flag. He began selling short the bonds of companies such as auto suppliers, that is, betting on them to fall in value. Instead, they kept rising, even bonds of companies in bankruptcy proceedings.
“This is crazy,” Mr. Paulson recalls telling an analyst at his firm. He urged his traders to find a way to protect his investments and profit if problems developed in the overall economy. The question he posed to them: “Where is the bubble we can short?”
They found it in housing. Upbeat mortgage specialists kept repeating that home prices never fall on a national basis or that the Fed could save the market by slashing interest rates.
Les recomiendo que lean el artículo completo aquí. Está bastante interesante.
Esto me confirma todavía más que la gente que supuestamente es “experta” en cuestiones financieras, no tiene ni la más remota idea de lo que está haciendo.
Ah y para que lo tomen en cuenta, el Sr. Paulson dice que la siguiente burbuja en estallar es la del crédito automotriz y la de las tarjetas de crédito