John Paulson High on Citi, Down on Goldman (NYSE: C), (NYSE: GS)
Christopher Glynn, a Senior Reporter at HedgeFund.net, reports that John Paulson disclosed he bought up stock in Citigroup Inc. (NYSE:C) and sold his Goldman Sachs Group, Inc. (NYSE:GS) stake in a regulatory filing.
Paulson & Co. made a 300 million share purchase of Citi, a bloated financial service company that the federal government bailed out in 2008.
The New York hedge fund also dumped its two million share stake in Goldman Sachs, the filing showed.
Paulson, who made a fortune with his bet against subprime mortgage, is betting on corporate welfare. He bought up stock in beleaguered Bank of America, the Charlotte, N.C., company that has taken $50 billion in bailout money. Paulson has talked up distressed strategy as a viable plan in the wake of the global financial crisis.
In divesting himself of Goldman Sachs, meanwhile, Paulson is taking a similar line to his September selloff of JPMorgan Chase. Paulson cut his seven million share stake in JPMorgan to two million.
Citi is trading at $4 a share, down from its peak price of $57. Paulson & Co. has about $30 billion under management.
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