Harrah’s entertainment have announced that hedge fund Paulson and Co. intend to sell their stake in the Las Vegas based casino operator, only two months after they became investors in the first place. Harrah’s contacted the Securities and Exchange Commission so that they could gain permission to publicly trade the shares. Paulson is well known for the $20billion he made gambling on sub prime mortgages crashing in 2007 and 2008, and together with Harrah’s would have expected to start making a great deal from US gambling regulations being relaxed. Mr Paulson must have heard some whispers, explaining why he got out of there quicker than a man caught with a $2 hooker. Read more.
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