Hedge Fund Kingpin John Paulson Scooping Up Shares of Citi (C)

It was reported this morning that hedge fund kingpin John Paulson has been scooping up shares of Citi (NYSE: C). The NY Post reported that Paulson has acquired approximately a 2% stake in Citi.

Paulson's hedge-fund wouldn't comment on his investment activities to the Post, but one source told The Post that Paulson sees Citi's shares trading closer to its book value of $5 to $7 a share.

Paulson is the same hedge fund manager who made billions by shorting mortgages during the housing collapse.

Also, earlier this month, Paulson made news for being one of the largest investors in Bank of America (NYSE: BAC). It sounds like Paulson is making a sector bet on financial stocks and on news of this story breaking this morning, Citi is up 2%, but the Financial Select SPDR (ETF) (NYSE: XLF) is trading down 0.75%.

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