Friday, November 05, 2010
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
by Gregory Zuckerman
The Greatest Trade Ever was a very interesting account of the lead up to the housing collapse. The warnings of the approaching catastrophe were not hidden but surprisingly few people on Wall Street protected themselves.
John Paulson recognized what was coming and found an investment that profited from the defaults of loans. My rudimentary understanding about the trade is that he bought insurance on blocks of loans that paid out if they defaulted. Who sold the insurance? The same banks that were giving out the toxic loans creating even more of a problem down the line.
John Paulson was not the only person to make money on toxic loans, he just made the most.
The Greatest Trade Ever was a very interesting account of the lead up to the housing collapse. The warnings of the approaching catastrophe were not hidden but surprisingly few people on Wall Street protected themselves.
John Paulson recognized what was coming and found an investment that profited from the defaults of loans. My rudimentary understanding about the trade is that he bought insurance on blocks of loans that paid out if they defaulted. Who sold the insurance? The same banks that were giving out the toxic loans creating even more of a problem down the line.
John Paulson was not the only person to make money on toxic loans, he just made the most.
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