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Banking, finance, and taxes

Paulson, Esteemed Bank Short Seller, Now Long Financials (BAC, COF, GS, JPM, FITB, FHN, MI, PBCT, SKF, RF, STT, STI)

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By Douglas A. McIntyre Updated Published
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John Paulson has been well known as a hedge fund manager because of the profits he made from short selling many of the key financial stocks.  Yet his new filing shows a large long position as of the quarter-end June 30, 2009. For example, it lists a huge stake in Bank of America Corp. (NYSE: BAC).  There were many smaller company stakes, but some of the medium-sized stakes (for Paulson that is) are in Capital One Financial Corp. (NYSE: COF), Goldman Sachs Group Inc. (NYSE: GS), and JPMorgan Chase & Co. (NYSE: JPM).  Below are the rest of his financial holdings:

  • Bank of America (NYSE: BAC) was listed as some $2.217474 billion stake via 167,990,464 shares.
  • Capital One Financial Corp. (NYSE: COF) was listed as $371.960 million via a stake of 17,000,000 shares of common stock.
  • Fifth Third Bancorp (NASDAQ: FITB) was listed as $35.5 million via a 5,000,000 share stake.
  • First Horizon National Corp. (NYSE: FHN) was listed as $36 million via stake of 3,000,000 shares of common stock.
  • Goldman Sachs Group Inc. (NYSE: GS) was listed as $294.88 million via a stake of some 2,000,000 shares of common stock.
  • JPMorgan Chase & Co. (NYSE: JPM) was listed as $238.77 million via a stake of 7,000,000 shares of common stock.
  • Marshall & Ilsley Corp. (NYSE: MI) was listed as $57.6 million via a stake of 12,000,000 shares of common stock.
  • People’s United Financial Inc. (NASDAQ: PBCT) was listed as $41.443 million via stake of 2,750,000 shares of common stock.
  • Ultrashort Financial ProShars (NYSE: SKF) was listed as $83.58 million via some 2,000,000 shares.
  • Regions Financial Corp. (NYSE: RF) was listed as $141.4 million via a stake of 35,000,000 shares of common stock.
  • State Street Corp. (NYSE: STT) was listed as $33.04 million via a stake of 700,000 shares of common stock.
  • Suntrust Bank Inc. (NYSE: STI) was listed as $24.675 million via a stake of 1,500,000 shares of common stock.

The FULL SEC FILING is here, and there are many non-financial stocks in there.

JON C. OGG
AUGUST 12, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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