Subprime profiteer hires Greenspan

The headline today on lead story on the front page of the Wall Street Journal says it all:

Trader Made Billions on Subprime
John Paulson Bet Big on Drop in Housing Values;
Greenspan Gets a New Gig….

Here’s the beginning of the article:

“On Wall Street, the losers in the collapse of the housing market are legion. The biggest winner looks to be John Paulson, a little-known hedge fund manager who smelled trouble two years ago.

“Now, in another twist in financial history, Mr. Paulson is retaining as an adviser a man some blame for helping feed the housing-market bubble by keeping interest rates so low: former Federal Reserve Chairman Alan Greenspan. ”

You’d think Greenspan, whos has no need of money, would have some idea of how bad it looks for him to take up consulting with somone who made billions based partly on one of msitakes he make when he was employed by the Federal Government. This will not enhance his legacy.

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