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Paulson Says Writedowns May Reach $1.3 Trillion

John Paulson, founder of hedge fund Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund’s $945 billion estimate.“We’re only about a third of the way through the writedowns,” Paulson, 52, told the GAIM International hedge fund conference in Monaco today. “There are a lot of problems out there and it will continue to be felt through the year. We don’t see any signs of stabilizing.”

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http://www.bloomberg.com/apps/news?pid=20601087&sid=alYak4riQl0c&refer=home