John Paulson, who amassed a fortune by betting against U.S. mortgage markets, became the biggest stakeholder in SunTrust Banks Inc. while fellow billionaire Warren Buffett was cutting his stake in the Atlanta lender.
Paulson & Co., the New York-based hedge fund, boosted its ownership to 6.1 percent of SunTrust’s shares, federal filings showed yesterday. That gives his firm about 30.4 million SunTrust shares as of Dec. 31, an increase from 1.5 million on Sept. 30. Buffett’s Berkshire Hathaway Inc. reduced its SunTrust holdings by 22 percent to 2.4 million shares.
Full story: Paulson Buys, Buffett Sells in Duel on SunTrust Banks–Bloomberg