Citigroup’s private bank is pulling about $500 million from Paulson & Co., the hedge fund run by billionaire John Paulson seeking to reverse record losses in 2011, according to two people familiar with the matter. The private bank is redeeming from Paulson’s Advantage Fund and Advantage Plus Fund, said the people who asked not to be identified because the information is private…Citigroup’s private bank in May advised clients not to add money to the Paulson funds, a person familiar with the matter said at the time. [Bloomberg]
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interesting turns of events
For The First Time In Its Life, Citigroup Gets To Be Tired Of Someone Else’s Underperformance
By Bess LevinComments (38)
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Probably better just to be a family office anyway… less reporting nonsense to deal with.
Hey John, need a hand?
- Bubble Boy
Mr./Ms. client,
After chasing Paulson's 2009 returns in 2011 our consultants have decided the strategy is just not working. Given volatility and market conditions in 2012 we have decided to go a different direction. Thank you for paying your management fees.
-Citi private banker
Hey Vik,
Can I get yo numba? Can I have it?
-JC
Jesus Christ?
Please confirm.
- Nervous Jew
Bold move from Citi. I thought their go to maneuver when a hedge fund they invest in blows up was to bring the hedge fund manager over to the CEO position.
There are a few times a decade where you just can see a trade working out before anyone else can see it. It is a godlike feeling. This is where you make your fortune. The trick is to do very little in between these few opportunities. If a guy doubles your money on one big trade, thank him and ask for a redemption.
So what you're telling me is I don't have to pay you a management fee anymore to advise me to invest in a fund that charges me 2 and 20 to invest in a Gold ETF that anyone with a Scottrade account could do already?
They should put their money into Tilson's fund. The fees are worth it – its the best way to put money into Berkshire Hathaway / JC Penney stock.
Frees up some space for Soros Jr to put that $3bn to work
I was walking 9 holes late yesterday, hitting it well, and this guy walks up on 2, real asshole type that always follows up your story with a story where he does something similar but way better, introduces himself and can he play with me. So I started hitting it sideways, couldn't do anything right, three-putted 5 and he's had enough and sees a buddy on 16 and says he's gonna go catch a few holes with him. God damnit if I wasn't 1-under coming in.
Maybe it turns around for JP.
I agree with Citi pulling out is probably a good idea
Gary, have you ever seen a man eat his own head?
NNT? is that you?
Not exactly. You're still on the hook for our fees.
Hi, you've reached the voice mail of Matt Levine* I'm currently away from the office and spending some personal time with all of the Romney / Bain documents that Gawker just released, if you leave a message I'll return it as soon as I'm done organizing all the pertinent information into charts, graphs and, like, prose.
*Just FYI, Gary Cohn's crotch once left a message in this voice mail box, so show some respect.
-Signed,
Jesse Livermore
Wait, for the first time in which life? Because I may be miscounting.
The cash for gold people are doing it better than Paulson. Buying gold at a steep discount from desparate, broke people. Then melting it down into gold bars and selling it on ebay for a 40to 50% markup.
PAULSON HAS 75TH CONSECUTIVE PROFITABLE QUARTER
"We have not a single down month since August 2012," says Hedge Fund Big
In related news, Citi hired Matt Taibbi as their new investment strategist.
Jon Corzine…newbs
His name was John Paulson
http://www.urbandictionary.com/define.php?term=de…
His name…was John Paulson
It's the curse of the big short. All those guys have stunk it up since, but our friend Paulson has a few billion to cry himself to sleep with, unlike his investors who all got in AFTER 2008.
Fine. I'm taking C off my list of unsuccessful investors today.
-J. Paulson
Paulson gets 2&20 and Citi gets 1% for selling "access" to a prized fund manager and at the end of this ass raping the client gets negative returns.
0.20 * 0.00 = 0.00
…
*noobs
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