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 of his brethren were getting hammered.
“He went from obscurity to legendary status in a little over a year,” said Zuckerman, who declined to discuss his advance.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.