CalPERS, San Mateo Co. to lose millions in bankruptcy

May 10, 2011 12:43:02 AM PDT
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.


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