This is a simple tale that is really hard to believe. It is not a joke. I personally contacted NYU to make sure I have the details correct regarding the NYU part of this story.
Hedge fund manager John Paulson made billions shorting the real estate market. In a deal put together by Goldman Sachs, he took the bearish side of synthetic credit default swap obligations put together by Goldman specifically for him. His position would profit from a crash in the real estate market. He won big. He personally made an estimated $3.7 billion in 2007 as a result of his hedge fund’s performance, and another $2 billion in 2008.
There is a very solid case that the entire real estate bubble was caused by the money printing of Alan Greenspan, while he was Chairman of the Federal Reserve. Greenspan's money printing kept interest rates artificially low and fueled the real estate bubble that Paulson spotted.
From the billions he made, Paulson has now given a gift of $20 million to New York University's Stern School of Business. The gift will endow two faculty chairs.
One chair will be named in honor of Paulson, himself, the John A. Paulson Professor of Finance and Alternative Investments.
The other chair will be named, are you sitting down?
In honor of Greenspan, the Alan Greenspan Chair in Economics.
Does not Paulson, Greenspan or anyone at NYU have any sense of tact and appropriateness? Does NYU really need $20 million that bad? Does Alan Greenspan have no shame?
His money remember not yours so your opinion is meaningless.
ReplyDeleteDear Alan,
ReplyDeleteThanks for jacking the economy and for helping to fleece the public at large. Without you, I wouldn't have gotten so rich during the real estate bubble.
Regards,
Fake John Paulson
If someone gifted me $5 BEELYUN dollars I think I'd be doing more than naming a department after them. Mr Greenspan should quote this phrase to Mr Paulson, word for word:
ReplyDeleteI bet you're the kind of guy that would fuck a person in the ass and not even have the goddamn common courtesy to give him a reach-around. I'll be watching you!
I chuckled while watching Ken Lay present Alan Greenspan an award at the James A. Baker III Institute.
ReplyDeleteShown tonight on CNBC, "Enron: The Smartest Guys in the Room"