John Paulson Pretty Sure Dodd-Frank, New Hedge Fund Disclosure Rules Are The Most Fakakta Thing He's Seen In A Long Time

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"I couldn't even read the whole application," he said to guffaws from several hundred young Jewish professionals gathered sipping on spirits and kosher wine at event space Chelsea Pearl to hear his advice on how to make it in finance. "I did review part of the application, about 40 pages [out of 500], and the information we provided doesn't make any sesne to me. How could it possibly make sense to the SEC? It's a complete waste of time," he added. "They don't know what they're looking for, the just asked for everything in every possible way...I don't believe the Dodd-Frank law is a positive piece of legislation," he said dryly, understating his distaste. "I ordered the bill; there are 2,000 pages. I couldn't read the table of contents. I don't know anyone who has read it. I think it has retarded the recovery...it's complete gobbledygook." [AR]

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John Paulson Is The Most Resourceful Hedge Fund Manager In The World

In a pinch, Steve Cohen has made himself a few zip-up fleece jackets with only a travel sewing kit and some Silly Putty at his disposal. Alone in the woods and miles from home, Ray Dalio has been known to fashion slingshots out of the remains of wildebeests. Having blown through all his 100-count packs already and not wanting to catch anything, George Soros has constructed condoms out of strips of bacon; old tea bags; and British pounds. According to Dealbook, however, today they must all bow down to the master. John Paulson, the billionaire hedge fund manager, will be forever known on Wall Street as the man who made nearly billions shorting subprime mortgages. But on Monday night at the United States Open men’s singles final, DealBook witnessed Mr. Paulson do something that, while not nearly as remunerative, was almost as impressive: He turned his necktie into an ascot...As the match wore on into the night, the temperatures dropped into the 50s and spectators grappled with how to stay warm. But Mr. Paulson, unable to avail himself of the U.S.T.A.-issued blanket and possibly reluctant to spend money on a Polo fleece, chose a different approach. Early in the fifth set, Mr. Paulson removed his tie and unbuttoned the top button of his shirt. He then wrapped the tie around his neck and transformed it into an ascot, providing additional warmth for the duration of the match. Wall Street Sits Courtside For A Marathon Match [Dealbook]