Clark, a Goldman client, describes the following event to Bloomberg Markets Magazine:
He had met with Paulson & Co. founder John Paulson in August 2006 and been impressed by the manager’s plans to bet against the sub- prime-mortgage market. His Goldman brokers talked him out of investing with Paulson, describing him as a bit player, Clark says.
Paulson generated a 590% return in his flag- ship credit fund in 2007. “When it came out that Paulson had the biggest payday in history, I got angry,” Clark says.
Clark also told the magazine:
“They just butter their own bread and charge huge fees, these jerks.”
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