Lloyds Banking (LYG) Plunges And John Paulson May Have Reaped Over $65M In Under 30 Minutes
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John Paulson's hedge fund, Paulson & Co., may have made as much as $67 million faster than it takes to get a pizza delivered to your house. John Paulson is short Lloyds Banking Group Plc (NYSE: LYG), which lost about $8.5 billion in market value.
Paulson held a Lloyds short position representing 0.79% of the bank, or 129.3 million shares, as of January 20, according to Bloomberg. Lloyds fell the most in 20 years after saying HBOS Plc, would report a $14.5 billion pretax loss.
It is not known if Paulson covered his short position in Lloyds, but that information will be revealed in a later filing.
Paulson & Co. made more than $3 billion for the firm in 2007 by shorting the U.S. housing market and subprime mortgages.
Paulson held a Lloyds short position representing 0.79% of the bank, or 129.3 million shares, as of January 20, according to Bloomberg. Lloyds fell the most in 20 years after saying HBOS Plc, would report a $14.5 billion pretax loss.
It is not known if Paulson covered his short position in Lloyds, but that information will be revealed in a later filing.
Paulson & Co. made more than $3 billion for the firm in 2007 by shorting the U.S. housing market and subprime mortgages.
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