John Paulson

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John Alfred Paulson (* 14. December 1955 in New York City ) is an American hedge funds - Manager and founder and president of the investment company Paulson & Co .

education

Paulson graduated summa cum laude from New York University's College of Business and Public Administration with a bachelor's degree in finance in 1978 and an MBA from Harvard Business School in 1980 .

Career

After completing his studies, he initially worked from 1980 to 1982 as a management consultant for the US management consultancy Boston Consulting Group . He then worked for Odyssey Investment Partners from 1982 to 1984 . From 1984 to 1988 he was managing director for mergers and acquisitions at the US investment bank Bear Stearns . Paulson worked from 1988 to 1992 as a partner in the financial investor Gruss Partners . In 1994 he founded his own hedge fund Paulson & Co.

Paulson & Co., which he founded, had assets under management of 12.5 billion US dollars in June 2007. In January 2008 it was $ 28 billion. Former US Federal Reserve Chairman Alan Greenspan has been an advisor to Paulson & Co. since January 2008. It has been contractually agreed that Greenspan will act solely as an advisor to the Paulson & Co. hedge fund.

Beneficiary of the subprime crisis

Paulson became famous because he had bet against the real estate market in good time during the subprime crisis and thus earned around 15.5 billion US dollars for his group of financiers in 2007 and around 3.7 billion dollars in it for himself personally, more than any other hedge fund manager this year. The investment magazine "Alpha" led Paulson in the list of " Kings of Cash " ( German : Kings of Money), in which Paulson was listed for the first time, in first place. The Financial Times Deutschland therefore called him a " subprime croesus" ".

In April 2010, the Securities and Exchange Commission (SEC) filed a lawsuit against Goldman Sachs for “illegally” allowing a client (Paulson's hedge fund) “betting against the mortgage market to have decisive influence over which mortgages were added to a portfolio. At the same time, other customers were told that the selection was made by independent, objective third parties. ”Paulson had worked to ensure that the Goldman Abacus 2007-AC1 loan pooled mortgage loans that were likely to go bad, and then bet exactly on this course. However, Paulson has not yet been charged by the SEC.

After 2010, however, Paulson's speculations at pharmaceutical company Valeant and in a few other cases were unsuccessful.

Yahoo takeover by Microsoft

In May 2008, Paulson and US billionaire Carl Icahn put pressure on the management of Yahoo . The aim was to enable a takeover by Microsoft by replacing the Yahoo board members. Microsoft's attempt to take over had failed in advance because the purchase price was underestimated.

capital

The US American Forbes Magazine estimated his personal fortune at three billion US dollars in 2008, after the estimate in 2007 was 2.5 billion US dollars. Paulson was ranked 368th of the richest people in the world. In 2010, Forbes estimated his net worth at about $ 12 billion, moving Paulson to 45th place on the list of the world's richest people . According to the Wall Street Journal , Paulson received $ 5 billion in earnings in 2010, the largest paycheck in history. Paulson is also one of the main shareholders of the Canadian mining group Gabriel Resources , which, despite environmental concerns and allegations of corruption in Romania , wants to put Europe's largest gold mine into operation in Roșia Montană .

In a week-long bidding war for a majority stake in Steinway & Sons, John Paulson prevailed against the financial magnate Kohlberg & Co. and in August 2013 acquired the majority of the parent group Steinway Musical Instruments at a price of approx. USD 512 million.

On the Forbes 2015 list, his fortune was stated at approximately $ 11.2 billion. This puts John Paulson at number 113 on Forbes' list of the richest people.

John Paulson is the main character in the book "The Biggest Trade Ever" by George Zuckermann from 2010, in which Paulson's actions in the run-up to the subprime crisis is described in detail - the recognition of the looming problems in the real estate market as a result of the reforms, the changes to the Creation of residential property also for poorer sections of the population, which - politically wanted under the presidency of Bill Clinton - was caused, and his search for reliable companies with which he placed bets against the market, with companies that would still be solvent in the event of a major crash would. Paulson relied on the " credit default swaps " from well-known banks and insurance companies.

family

Paulson is married with two children. He lives with his family on the Upper East Side in New York City .

Since 2006 Paulson has owned a villa in the posh enclave of Southampton on Long Island , east of Manhattan. "Old Trees", as the property built in 1911 is called, comprises more than four hectares of land, including a guest house, barn, pool and tennis court.

Individual evidence

  1. ^ BusinessWeek : Paulson & Co. Inc.
  2. ↑ Financial Times : Greenspan joins NY hedge fund - Jan 15, 2008
  3. ↑ Der Spiegel : " The New King of Money " - April 17, 2008
  4. ↑ Financial Times Deutschland : " Paulson pushes Soros from the hedge fund throne ( memento of March 24, 2009 in the Internet Archive )" - April 16, 2008
  5. ↑ Financial Times Deutschland : " John Paulson - Subprime-Krösus ( Memento of August 20, 2011 in the Internet Archive )" - April 16, 2008
  6. ↑ Nikolaus Piper : Goldman Sachs suspected of fraud - SZ from April 16, 2010
  7. ↑ Frank Stocker: The Twilight of the Gods on Wall Street. In: www.welt.de. February 18, 2019, accessed February 18, 2019 .
  8. ↑ Financial Times Deutschland : Second investor puts pressure on Yahoo ( Memento from May 19, 2008 in the Internet Archive ) - May 15, 2008
  9. ↑ Forbes : " # 165 John Paulson " - September 20, 2007
  10. ↑ Forbes Magazine : " The World's Billionaires # 368 John Paulson " - May 3, 2008
  11. ^ Wall Street Journal , " Trader Racks Up a Second Epic Gain " - Jan. 28, 2011
  12. ↑ boerse-express.com: Green light for gold mining in Romania ( Memento from September 26, 2013 in the Internet Archive )
  13. ↑ Legendary piano maker: Steinway goes to hedge fund manager Paulson. August 14, 2013. Retrieved August 15, 2013 .
  14. ↑ List of Billionaires In: forbes.com
  15. ↑ 9 East 86th Street, according to Hedge funder John Paulson picks up $ 3M Olympic Tower pad , November 19, 2010
  16. ↑ Christina SN Lewis: Hedge Funds' Paulson Trades Up in the Hamptons. In: wsj.com. April 11, 2008, accessed June 11, 2018 .
  17. ↑ Mark Pitzke: Hedge Fund Star Paulson: The Incredible Innocence of a Wall Street Genius. In: Spiegel Online . April 26, 2010, accessed June 11, 2018 .

Web links

personal data
SURNAME Paulson, John
ALTERNATIVE NAMES Paulson, John Alfred (full name)
BRIEF DESCRIPTION American hedge fund manager
DATE OF BIRTH December 14, 1955
PLACE OF BIRTH New York City