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|