"Greenspan joins firm that made billions betting ag..."
"Alan Greenspan to join hedge fund
Tue Jan 15, 2008 9:35am EST
BOSTON (Reuters) - Hedge fund manager John Paulson, who earned billions of dollars last year by betting against the housing market, said on Tuesday that former Federal Reserve board chairman Alan Greenspan will advise his firm.
Greenspan, whose words can still move financial markets, will advise Paulson on the global economy for an undisclosed amount of money, the hedge fund said in a statement.
By joining the New York-based fund, Greenspan becomes the latest former Washington insider to work in the fast growing $2 trillion hedge fund industry. Former Treasury Secretaries Lawrence Summers and John Snow provide advice to D.E. Shaw and Cerberus.
(Reporting by Svea Herbst-Bayliss; Editing by Derek Caney)"
"Greenspan to Advise Hedge Fund That Made Billions on Mortgage Crisis
Former Federal Reserve Chair Alan Greenspan has become an advisor to a New York hedge fund that has made billions of dollars on the subprime mortgage crisis. The firm, Paulson & Company, made an estimated fifteen billon dollars by making aggressive bets against subprime home loans.
The Wall Street Journal reports the head of the fund John Paulson made an estimated three or four billion dollars last year – it is believed to be the largest one year payday in Wall Street history (Democracy Now January 15, 2008)."
