chanos is on cuomo’s economic advisory committee. He only shorts. From what I read, his hedge fund went from $7B
to under $200M
since 2015. Cuomo’s comptroller for pension has no financial management experience and contracted it out to hedge funds. Assume that a healthy amount went to individuals who would invest into Chanos’ hedge fund. The losses would have severely depleted NY pension (need 7% annually to keep pace; at 6.5ish now).
The only way to recover losses would be to have a recession. CV represented that opportunity. By exaggerating the effects by making these decisions to “spread” the disease, Cuomo essentially shut down wall street with NY. Outside of Wuhan, no one had the outbreak NY had. It was worse than most, if not all, countries. The people that were shorting during this time made upwards of 4400% avcording to news articles I read a few weeks ago. It was based on some banks research in how to make money during a recession. JPM was one of them.