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.
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