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'Big Short' Trader Greg Lippmann Says Spring For That 12-Tier Wedding Cake, Dress With Hand Beaded Crystals And A 20-Foot Train

Go buck wild: Daddy Lippman's paying.
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And hey, if you want to give him a seat at the sweetheart table and/or allow time for him to give a speech, that's your call.

Greg Lippmann, made famous for amassing a fortune by betting against subprime mortgages in the run-up to the financial crisis, is now wagering on a different kind of finance: wedding loans. Lippmann’s hedge-fund firm LibreMax Capital LLC has agreed to buy loans made by Promise Financial, an online lender specializing in helping couples pay for the many costs involved in their big day, according to Promise’s co-founders, Josh Jersey and Bradley Vanderstarren, in a phone interview...Promise Financial’s loans are meant to help couples and parents pay for weddings, but they aren’t required to be used for that, Jersey said. With the average cost of a wedding in the U.S. around $30,000, Jersey said, Promise is helping finance around a third of that, based on the company’s loan averages of $10,000. Depending on customer credit strength, interest rates can range from 6.99 percent to 29.99 percent.

Greg Lippmann, ‘Big Short’ Trader, Wants to Finance Your Wedding [Bloomberg]


Bubble Boy Lippmann Doing Okay For Himself

Compared his friends. Greg Lippmann's LibreMax Capital, founded with three former colleagues from Deutsche Bank, posted a 10.12 percent gain for the year through the end of July, according to a letter to the fund's investors obtained by Reuters. The average hedge fund gained just 2.78 percent over that period, according to the Hennessee Hedge Fund Index. LibreMax got a boost last month, gaining 2.71 percent, as portions of the mortgage-backed market rallied, Lippmann, who is the fund's chief investment officer and portfolio manager, wrote in the letter. [Reuters]