Greenspan joins Paulson & Co

Alan Greenspan, a former chairman of the Federal Reserve, is set to advise Paulson & Co, a hedge fund which made billions last year from betting against the United States housing market.

Ironically, Greenspan has been blamed by some for the subprime crash because of the Fed's decision to maintain low interest rates following the dotcom crash.

Greenspan will sit on the advisory board of the firm, which is reported to have earned between $12 billion and $15 billion from its housing gamble.