Yesterday was Hank Paulson Day. Today it’s John Paulson’s turn. The hedge fund manager, who took home a $3.7 billion paycheck last year by betting on the mortgage bust, is one of several hedgie bigwigs testifying before Henry Waxman’s Committee and Oversight and Government Reform. They’re only just getting to the Q&A, but I loved this bit from his prepared testimony:
As Americans, we are proud of the leadership position the United States occupies in this industry, the jobs our industry has created, the export earnings we have produced for our country and the taxes we generate for the Treasury. For example, over the last five years, our firm has increased our employee count by 10X, creating numerous high-paying jobs for Americans. In addition, eighty percent of our assets under management come from foreign investors. The revenues we receive from foreign investors allow us to contribute to the u.s. economy like an exporter of goods, bringing in money from abroad.
How many jobs are we talking about here? Well, total employment at Paulson & Co. is 70, and at least a few of those people are in London and Hong Kong. So clearly, they’re having a big impact on keeping the unemployment rate down.
Update: And now Ken Griffin chimes in on the job front:
It breaks my heart when I go to Canary Wharf and I look at all the thousands of high-paying jobs in the derivative markets that belong in America.