I refer to hedge fund billionaire John Paulson, who threw a little bash at NY's Metropolitan Club the other night to celebrate how much money his firm has made by betting against subprime mortgages. It proved to be a very smart bet – we’re talking billions of dollars. But is this the sort of success that's really worth cheering? From DealBook:
The soiree was held in the cozily candlelit dining room of the club, where Mr. Paulson and his firm, Paulson & Company, feted their funds’ good fortune and outlined their next steps amid the market turmoil. And while the institutional investors listened to Mr. Paulson and former Federal Reserve Chairman Alan Greenspan, a senior adviser to the firm, they also enjoyed choice wine pairings for their dinner. (Bottles of 1999 Chateau Lafite-Rothschild, anyone?)
Despite the chilliness of the November evening — and the slashing of bonuses for top Goldman Sachs executives — the crowd at the Metropolitan Club betrayed no signs of the financial distress. The din that spilled from the dining room into the marbled-and-gilt main chamber was filled with laughter. Mr. Greenspan spoke while guests dined on a three-course meal –preceded, of course, by a cocktail reception featuring Krug Grand Cuvee champagne and 2006 Chassagne-Montrachet from Domaine Marc Morey.
The dinner entree was Colorado rack of lamb with tarragon jus and parmesan polenta cake, paired with 1999 Chateau Margaux and 1999 Lafite-Rothschild. That last number goes for more than $500 a bottle. Thought we were done with the greed is good stuff.