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Credit Writedowns May Hit $1.3 Trillion

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Senior Manager
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Joined: 30 Jul 2007
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Credit Writedowns May Hit $1.3 Trillion [#permalink] New post 18 Jun 2008, 03:55
http://www.bloomberg.com/apps/news?pid= ... refer=home

Paulson & Co. Head Says Credit Writedowns May Hit $1.3 Trillion

By Poppy Trowbridge and Tom Cahill

June 18 (Bloomberg) -- John Paulson, founder of hedge fund Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund's $945 billion estimate.

``We're only about a third of the way through the writedowns,'' Paulson said, speaking at a hedge fund conference in Monaco today. ``There are a lot of problems out there and it will continue to be felt through the year. We don't see any signs of stabilizing.''

Paulson, 52, whose company Paulson & Co. manages about $33 billion, returned 12 percent in his Advantage Plus Fund through May, according to investors. Last year, Paulson's Credit Opportunities Fund climbed almost sixfold. He has been betting on an increase in corporate defaults and a slowdown in the U.S. economy as home prices and consumer-spending to decline.
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Re: Credit Writedowns May Hit $1.3 Trillion [#permalink] New post 18 Jun 2008, 04:11
He clearly has an ulterior motive to give out gloomy news seeing as he is backing the market to go down.
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Re: Credit Writedowns May Hit $1.3 Trillion [#permalink] New post 18 Jun 2008, 06:59
togafoot wrote:
He clearly has an ulterior motive to give out gloomy news seeing as he is backing the market to go down.


Obviously...

But, so does everyone else who speaks on investment television and the related websites.

The scary thing is, he may be correct in his assessment.
Re: Credit Writedowns May Hit $1.3 Trillion   [#permalink] 18 Jun 2008, 06:59
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Credit Writedowns May Hit $1.3 Trillion

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