John Paulson buys Citigroup

Remember how John Paulson scooped up BAC, starting at 10? What stock is he now taking a huge position in?

Citigroup.

And it looks like he already has amassed 200 million shares, quietly buying while the likes of Bob Pisani tell CNBC viewers that it could be "worthless."

Meanwhile, this blog has been pumping the stock.

Now maybe Wall Street will get a little bit more behind Citigroup, since the man who made $3.7 billion in a year, has now been a big buyer.

From the NY Post:

Hedge-fund hotshot John Paulson has been quietly snapping up shares of beleaguered Citigroup in recent weeks, sources tell The Post.

Paulson was said to have acquired a roughly 2 percent stake in Citi -- below the 5 percent threshold that would require him to disclose his investment stake in a securities filing, according to one source.

Although it's unclear what the hedge-fund master's rationale is for buying shares of the nation's most troubled bank, of which Uncle Sam holds a 34 percent stake, sources think that Paulson believes Citi's assets are undervalued.