The Bet That Made Billions24:02

This article is more than 11 years old.

Millions of Americans have seen their finances destroyed in the Great Recession. Not John Paulson.

In the frenzied run-up to Wall Street’s meltdown, Paulson, a hedge fund investor, bet everything against the American housing market. Bet huge on its collapse. And won, on a colossal scale — fifteen billion dollars in a single year.

It was the biggest, richest single trading play in history. And it was done betting against the homeowners of America.

A new book by the Wall Street Journal's Gregory Zuckerman tells the inside story.

This Hour, On Point: how billions were made in a single bet on the meltdown of the American housing market.

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Gregory Zuckerman covers hedge funds and investing for The Wall Street Journal, where he writes the “Heard on the Street Column.” His new book is “The Greatest Trade Ever: The Behind-The-Scenes Story of How John Paulson Defied Wall Street and Made Financial History.”

This program aired on December 1, 2009.