Hedge Fund Managers See Billion-Dollar Paydays

04/23/2008 05:12 am ET | Updated May 25, 2011
  • JENNY ANDERSON New York Times

Hedge fund managers, those masters of a secretive, sometimes volatile financial universe, are making money on a scale that once seemed unimaginable, even in Wall Street's rarefied realms.

One manager, John Paulson, made $3.7 billion last year. He reaped that bounty, probably the richest in Wall Street history, by betting against certain mortgages and complex financial products that held them.

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