John Paulson shorted Lloyds and, according to Bloomberg, may have made $2.68 million a minute over a 25-minute period this morning.
Put your calculators away: it’s $67 million. In 25 minutes.
Paulson’s good fortune came as Lloyds fell as much as 43 per cent in less than 25 minutes of London trading after it said HBOS Plc, the U.K. lender it took over last month, was going to report a $14.5 billion loss.
According to Bloomberg:
“Paulson held a Lloyds short position representing 0.79 per cent of the bank, or 129.3 million shares, as of Jan. 20, according to a regulatory filing. DataExplorers.com, which tracks share borrowing from London, said 1.1 per cent of the stock was on loan as of Feb. 11, the most recent data available. That’s down from as much as 8 per cent six months ago and suggests Paulson held the bulk of the short position left.”