How One Man became rich off the meltdown.

[Primbs]

Real Estate Mogul Jeff Greene: The Man Who Shorted Subprime

http://www.cnbc.com/id/23407363

 

[HOLLYWOOD]

Real Estate Mogul Jeff Greene: The Man Who Shorted Subprime

http://www.cnbc.com/id/23407363

He's not the only one... let's take a snapshot of the "MANIPULATORS" in the sector of GREED:

PIMCO part of the Alliance group:

http://latimesblogs.latimes.com/laland/2008/09/pimcos-gross-lo.html

What's not reported...

PIMCO profited at the tune of OVER $8 BILLION in one day off the FEDS action to BAILOUT Fannie Mae and Freddie Mac.

Nice eh? No one brought up Bill Gross' extensive Lobbying for BAILOUT in order forhis company to profit incredibly, AMAZING
William H. GROSS pic

 

[theoakman]

As you can see from the television interview segments posted here (more coming through the day), Greene tells his story of working his way up from nothing to something, then nearly losing it all in the housing bust of the '90s. After rebuilding his portfolio, he vowed not to get burned again. "Every year I'd go into a mini-panic mode," he told me, "and think 'I need to protect myself.'" Greene says that two years ago, he asked a friend, hedge fund manager John Paulson, about a hedge. Paulson said he was starting a fund to short subprime bonds through credit default swaps. "I asked him, 'John, can I do this on my own?'" He says Paulson told him, "You won't get approved.'"

Greene tried anyway, finally convincing Merrill Lynch [MER Loading... () ] and JP Morgan[JPM Loading... () ] to let him short bonds backed by risky mortgages through these swaps. It took a lot of convincing. But it has paid off handsomely, though it may have cost him a friendship--he and Paulson are no longer talking. When we asked Paulson to talk to us about Greene, we were given a firm "no comment."

Wow, Paulson is a real son of a bitch. The guy is bitter he took his advice and got rich. Paulson is probably mad because he wanted to collect commissions on that money. I guess the billions Paulson took home wasn't enough.

 

[theoakman]

btw, Goldman and Sachs did this crap as well. But they should be in jail for what they did. They had their clients buying up all this sub prime crap while they were shorting it behind closed doors. I wonder if they gave their clients the money back after they profited off of it.