If you're Paolo Pellegrini,* tipping off the SEC to your former employer's role in today's Goldman case, according to CNBC's Steve Liesman.
*Whose attitude resulted in being more encouraged to leave the hedge fund (as opposed to leaving on his own terms) than has been suggested in various stories quoting P-squared (which, BTW, is what he calls himself).
UPDATE: A spokesperson for P-Squared has released the following statement:
In 2008, the U.S. Securities and Exchange Commission approached Paulson & Co., among a number of financial institutions, as part of a publicly disclosed inquiry into collateralized debt obligations. At that time, Paolo Pellegrini was a portfolio manager for Paulson & Co. and was familiar with the CDO market. Paulson & Co. provided the SEC with the names of employees, including Mr. Pellegrini, who might be interviewed as part of the SEC's inquiry. Mr. Pellegrini cooperated fully with the SEC 's inquiry as did a number of his colleagues at Paulson & Co.
Mr. Pellegrini left Paulson & Co. at the end of 2008 to form his own investment firm. Mr. Pellegrini maintains an amicable relationship with Mr. Paulson and remains grateful for the professional opportunities extended to him by Mr. Paulson, for whom he has the highest regard.