It seems that over the weekend three bankers have made it into the legendary league occupied by the likes of Soros, Buffet and John Arnold.
Dan Spark, Michael “Swenny” Swenson and Josh Birnbaum collectively netted $4bn profits for Goldman Sachs in a speculative gamble.
The 4 bet that sub-primes would turn sour by the end of the year, netting the bank $4bn in profits, more than off-setting it’s own exposure to the sub-primes market.
Work hard, do your research
Goldman stands to be one of the biggest winners from the situation to date with over $19bn in it’s bonus kitty.
Just goes to show, you get nothing for betting on a sure thing.