Global Financial Services Co-Chair Henry Bregstein was quoted in The Wall Street Journal and the New York Times on the extraordinary tax bill hedge fund manager John Paulson owes the Internal Revenue Service (IRS). Paulson is best known for betting against subprime mortgages before the last financial crisis. Because of a tax deferment, his estimated $1 billion in personal taxes is now due. Henry stated, "It is safe to say it is one of the largest tax bills on earned income in history." He also noted that billionaires in the technology and private-equity worlds usually achieved the bulk of their wealth through the appreciation of shares, not from earned income. ("Worried About Your Tax Bill? Hedge-Fund Star John Paulson Owes $1 Billion," April 11, 2018; "Larry Fink Remains Confident About Stocks: DealBook Briefing," April 12, 2018)
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