Tuesday, July 16, 2013

FABULOUS FAB TRIAL Hedge fund exec testifies in NYC case

Hedge fund exec testifies in NYC case
Today the former Managing Director at the Paulson hedge fund Paolo Pellegrini, testified.

Quote from the WSJ article:
 Mr. Pellegrini was one of the architects of Mr. Paulson's wager against subprime mortgages that netted $15 billion in 2007 for his hedge-fund firm, Paulson & Co. Mr. Pellegrini subsequently left to launch his own hedge fund, before pulling the plug nearly two years ago to focus on investing his own money.
WSJ article link:
WSJ Pellegrini article
Amazingly Pellegrini initially could not define what CDO meant, 
( CDO is a collateralized debt obligation and is key to this case)
but, he took a guess at the term, and got it right.
Fabrice Tourre looks on as Paolo Pellegrini testifies at the Fabrice Tourre trial
Note outside the window of the courtroom, is a nice view of the Manhattan Bridge, EW

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