Fund Turned To Goldman To Short Housing Market, Jurors Told

Law360, New York (July 16, 2013, 8:34 PM ET) -- Paulson & Co. had approached Goldman Sachs Group Inc. as part of a calculated strategy to bet against the U.S. housing market, a former executive at the hedge fund testified on the second day of the fraud trial against ex-Goldman trader Fabrice Tourre.

Paolo Pellegrini, a onetime managing director at Paulson, told jurors that the hedge fund approached Goldman in late 2006 and early 2007 with a plan to put together a product that would let it profit if the housing market experienced a downturn....
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required