Hedge fund billionaire John Paulson mocks financial regulations and the new SEC forms
John Paulson gave a speech to the Young Jewish Professionals network in New York City last night, and despite recent dismal performance, he seemed pretty confident, AR Magazine reports.
So confident, in fact, that he took a moment to cut down regulators and regulations. The amount of information he has to provide the SEC, he said, is a total time waster. And Dodd-Frank?… too complicated.
Fair enough, Mr. Paulson (from AR):
“I couldn’t even read the whole application,” he said to guffaws…”I did review part of the application, about 40 pages [out of 500], and the information we provided doesn’t make any sense to me. How could it possibly make sense to the SEC.”
“It’s a complete waste of time,” he added. “They don’t know what they wanted, they just asked for everything in every possible way.”
Later on he said:
“I don’t believe the Dodd-Frank law is a positive piece of legislation,” he said dryly…”I ordered the bill; there are 2,000 pages. I couldn’t read the table of contents. I don’t know anyone who has read it… I think it was retarded the recovery… it’s complete gobbledygood,” Paulson added.
At least he’s being honest?