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Paulson sells his BAML stake
Veteran hedge fund manager John Paulson sold his entire stake in Bank of America Merrill Lynch in the last quarter, according to filings last night. Bank of America shares fell 15 per cent during the fourth quarter, but it is not clear when Paulson offloaded his 64m shares. Bank of America’s losses helped turn 2011 into the worst year in Paulson’s career when his Advantage Plus fund lost more than 50 per cent. His vehicle Paulson & Co also disposed of some 25m shares in Citigroup during the final quarter of 2011.