Why in the USA do these idiots get 10's or 100's of millions? Is anyone really worth it? In the end, what he was paid for (profits in hedge funds) never materialized. I guess all pyramids have someone at or near the top.
Devaney on ARMs:
Option ARMs? Devaney loves 'em. "The consumer has to be an idiot to take on those loans," he says. "But it has been one of our best-performing investments."
But Devaney, who told a crowd of investors that the riskiest mortgage bonds looked "awful" before the crash, says he thinks he'll be buying. "I don't believe the carnage and fallout will be as bad as people think," he says.
Two months later...
July 2007: Fund manager's fun sailing away
A hedge fund manager whose fund ran into trouble from the sell-off in securities backed by subprime mortgages is having to put his huge yacht up for sale, seeking $23.5 million.
Aug 2007: John ‘Big Idiot’ Devaney Sells Yacht as Subprime Losses Hit Hedge Fund