John Paulson Made $1 Billion On Citigroup

John Paulson owes Vikram Pandit dinner — or a house

Paulson became a billionaire for at least the second time over this year, taking home about $1.2 billion

This year’s big trade? Citi.

From Bloomberg:

Paulson & Co., the hedge fund run by billionaire John Paulson, told clients that the firm made more than $1 billion on its Citigroup Inc. investment since the middle of 2009.

Citigroup was the fund’s most profitable bank holding last year, Paulson said in a letter to clients this month.

“Citigroup demonstrates the upside potential of many of the restructuring investments we have added to our portfolio and our ability to generate above-average returns in large positions,” Paulson said in the letter.

Remember how Steve Cohen made ~$7 million today?

Maybe @ComfortablySmug says it best:

7 million on GXDX isn’t cool. You know what is cool? Making 1 billion on shares of C” – John Paulson

Paulson wasn’t the only one who made out big on Citigroup. David Tepper, Eric Mindich, Soros, and Dan Loeb also raked it in while the stock was roaring last year.

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