John Paulson Made Another $420 Million

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Horn-rimmed hedge-fund manager John Paulson, the man for whom this depression has been truly great, shorted the Royal Bank of Scotland back in September, and it has worked out nicely for him. Since then, RBS stock price has dropped 94 percent, it has laid off 3,000 people, and this month it announced a £20 billion write-down for 2008 and posted the biggest losses in U.K. history. By any bank. Ever. Meanwhile, Paulson is taking home $420 million dollars. Not that there's anything wrong with that! However: "It does appear a bit distasteful," said one London-based analyst.

Paulson Fund Makes at Least $420 Million Shorting RBS [Bloomberg]