CalPERS, San Mateo Co. to lose millions in bankruptcy
The Wall Street Journal is reporting that CalPERS and San Mateo County are expected to lose millions in bankruptcy court due to their investment in Lehman Brothers.
Meanwhile, a hedge-fund manager is expected to make hundreds of millions of dollars from Lehman debt he bought after the bank collapsed.
John Paulson is expected to make nearly $726 million while CalPERS and San Mateo County lose $68 million and $115 million on the same bonds because they bought them before Lehman failed.
CALPERS, wall street journal, bankruptcy, san mateo county, california news
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