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hsumaker Dooglia

Investor Who Made Billions Not Targeted in Goldman Suit - NYTimes.com - 0 views

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    "After analyzing risky mortgages made on homes in Arizona, California, Florida and Nevada, where the housing markets had overheated, Mr. Paulson went to Goldman to talk about how he could bet against those loans. He focused his analysis on adjustable-rate loans taken out by borrowers with relatively low credit scores and turned up more than 100 loan pools that he considered vulnerable, the S.E.C. said. Mr. Paulson then asked Goldman to put together a portfolio of these pools, or others like them that he could wager against. He paid $15 million to Goldman for creating and marketing the Abacus deal, the complaint says. One of a small cohort of money managers who saw the mortgage market in late 2006 as a bubble waiting to burst, Mr. Paulson capitalized on the opacity of mortgage-related securities that Wall Street cobbled together and sold to its clients. These instruments contained thousands of mortgage loans that few investors bothered to analyze. Instead, the buyers relied on the opinions of credit ratings agencies like Moody's, Standard & Poor's and Fitch Ratings. These turned out to be overly rosy, and investors suffered hundreds of billions in losses when the loans underlying these securities went bad. Mr. Paulson personally made an estimated $3.7 billion in 2007 as a result of his hedge fund's performance, and another $2 billion in 2008. He was also treated like a celebrity by members of a Congressional committee that invited him to testify in November 2008 about the credit crisis. At the time, none of the lawmakers asked how he had managed to set up his lucrative trades; they seemed more interested in getting his advice on how to solve the credit crisis. "
hsumaker Dooglia

Man arrested for attack outside Victorville restaurant | victorville, arrested, attack ... - 0 views

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    On April 21, the group was leaving Tio Pepe's Restaurant around 12:23 a.m. when witnesses reported they were confronted by a second group of people. Three victims were stabbed and a fourth was run over by a vehicle, officials said. According to sheriff's officials, one victim suffered several stab wounds that will require follow-up treatment due to complications. The victims have all been released from the hospital.
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