John Paulson's Hedge Fund Now Fourth-Largest Owner of Bank of America

John Paulson better be nice to the literally hundreds of dollars we have in savings.
John Paulson is a billionaire owner of a hedge fund that is now the fourth-largest owner of Bank of America.

The hedge fund had to buy up nearly 168 million in stock worth $2.2 billion in order to do so.

From an article at Bloomberg:
Billionaire John Paulson’s hedge fund bought 168 million shares of Bank of America Corp. in the second quarter, a regulatory filing showed today, becoming the lender’s fourth-largest shareholder.

Paulson & Co.’s stake in the Charlotte, North Carolina- based bank was valued at $2.2 billion as of June 30, data compiled by Bloomberg show. The fund ranked behind State Street Corp., Barclays Global Investors and Vanguard Group Inc. among the bank’s biggest shareholders.

Paulson’s Credit Opportunities Fund soared almost sixfold in 2007 on bets that subprime mortgages would plummet. Last year, his flagship fund returned 37 percent, compared with a loss of 19 percent for hedge funds on average. Bank of America is the second-largest home lender, trailing Wells Fargo & Co., after acquiring Countrywide Financial Corp. in 2008.