Along with Peter Thiel at Clarium and Phil Falcone at Harbinger, Paulson is providing some light for an industry that is entering its dark cycle of rationalizing over supply. According to Bloomberg’s Saijel Kishan, “the money manager whose wagers against the U.S. housing market helped him earn an estimated $3.7 billion last year, is starting a hedge fund to provide capital to financial firms hurt by mortgage writedowns.”
Finally – a leader stepping up to take on risk and be held accountable to his investors for it.
Leadership is earned, not appointed. Let the healthy cleansing of US financial industry begin.