Paulson Says Fund Made More Than $1 Billion In Citigroup Stake

And so after the great subprime debacle, the latest yard winner for JP is piggybacking on the government's at all costs rescue of the biggest financial zombie in the American financial hierarchy. As a reminder as of the last publicly filed 13F, Paulson held 424 million shares of C, a drop from just over half a billion shares at June 30. In other words, the $2 pick up in Citi shares is the monetary equivalent of having Goldman tell ACA that Paulson was long the equity tranche of something or another.

From Bloomberg:

Paulson & Co., the hedge fund run by billionaire John Paulson, told clients that the firm made more than $1 billion on its Citigroup Inc. investment since the middle of 2009.

Citigroup was the fund’s most profitable bank holding, Paulson said in a letter to clients this month.