Mr Paulson's move marks the latest example of a famously bearish investor shifting gears to profit from depressed prices in the global credit markets.
US residential mortgage securities fell in value last week after Hank Paulson, Treasury secretary, said the federal government had decided against buying toxic assets as part of its $700bn troubled asset relief programme (Tarp).
John Paulson, who is not related to the Treasury secretary, has told his investors he started buying troubled mortgage-backed securities at the end of last week, hoping to capitalise on price falls that followed the Treasury announcement.
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