Top Story
 |
For 92nd St. Y, a Break From Wall St. Worry Clients of John A. Paulson, the billionaire hedge fund manager, have had a brutal year, absorbing losses of as much as 50 percent.
But one of Mr. Paulson's investors - the 92nd Street Y - has nothing to worry about.
That's because Mr. Paulson, a member of the organization's board, has guaranteed he will cover the Y for any losses it incurs in his funds. Barring a sharp recovery, Mr. Paulson will have to write a personal check to the organization for several million dollars.
"This is a very uncommon arrangement," said Andrew M. Grumet, a lawyer specializing in philanthropy. "But the 92nd Street Y isn't your average nonprofit, and John Paulson isn't your average money manager."
沒有留言:
張貼留言