Replies to post #140496 on Traders of the Caribbean

[Dredinvestments]

Paulson & Co. Stocks Up On BofA, Other Banks In 2Q

By Joseph Checkler
Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- John Paulson's Paulson & Co. hedge-fund firm bought 168 million shares of Bank of American Corp. (BAC) and took big chunks in other banks during the second quarter, according to a regulatory filing.

Paulson's end-of-second-quarter holdings report with the Securities and Exchange Commission, filed Wednesday, shows that it would be the fourth-largest shareholder of Bank of America if it still holds those shares today. At today's $15.93 closing price, the stake would be worth $2.7 billion. Bank of America shares were up in aftermarket trading.

He also bought 14.9 million shares of Capital One Financial Corp. (COF), giving his firm 17 million shares of that bank. Paulson purchased 35 million shares of Regions Financial Corp (RF), and took smaller stakes in Fifth Third Bancorp (FITB) and Goldman Sachs Group Inc. (GS).

Paulson scored collective profits of more than $17 billion in 2007 and 2008 by betting against subprime mortgages and financial shares.

As expected, Paulson's filings also showed large investments in mining companies that deal with gold, and gold exchange-traded funds. John Paulson had previously stated he was bullish on gold, and announced other gold-related transactions.

A Paulson spokesman was not immediately available to comment.

-By Joseph Checkler; Dow Jones Newswires; 212-416-2152; [e-mail]