Eddie Lampert Makes Bad Bet In Sallie Mae (SLM), Loses $200M in 6 Months
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In his latest 13F Eddie Lampert's RBS Partners showed a new 6,018,100 share stake in SLM Corporation (NYSE: SLM). Filings actually showed that Lampert bought the stake in the third quarter of 2007 (Sept 07), but had confidential treatment with the SEC which kept the stake hidden. The confidential treatment expired on May 15, 2008.
At the quarter ended Sept 30, 2007 the stake was worth $301.8 million. The value fell to $92.4 million at the quarter ended March 31, 2008. The stake has since recovered, and is currently worth about $130 million.
The hedge fund manager, once considered the next Warren Buffett, has had a number of bad trades lately, including Citi (NYSE: C). His Sears Holdings (Nasdaq: SHLD) has also taken a beating lately.
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