OverviewIn 2006, John Paulson organized Paulson Credit Opportunity Fund that bet against bonds backed by subprime mortgages using credit default swaps.[5] Paulson "shot to fame and fortune" when his investment strategies paid off during the subprime housing market crash.[6] His bet against the subprime mortgage bubble has been called "the greatest trade ever" by Gregory Zuckerman.[7][8][9][10][11] Paulson's involvement in the Abacus-2007AC1 deals resulted in Goldman Sachs paying a $550 million penalty, the largest ever paid by a Wall Street firm.[12] RecognitionThe Greatest Trade Ever became a New York Times and Wall Street Journal best-seller and has since been translated into nine languages.