Ex-Goldman Shorter Birnbaum Said to Gain 30%

By Kelly Bit and Jody Shenn

Josh Birnbaum, the former Goldman Sachs Group Inc. trader who was instrumental in the bank’s bet against the U.S subprime mortgage market in 2007, posted a 30 percent gain this year in his hedge fund, according to a person familiar with the matter.

Tilden Park Capital Management LP, based in New York with $1.1 billion in assets, rose 6 percent in September, amid winning wagers on securities backed by the loans to borrowers with poor credit, said the person, who asked not to be
identified because the fund is private. Steve Bruce, a spokesman for Tilden Park, declined to comment on the returns.

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