Odey swoops for 10 million 'rock bottom' bank shares

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The Independent Online

The star hedge-fund manager Crispin Odey picked up another 10 million Barclays shares when they hit rock bottom on Tuesday after Bob Diamond's resignation.

"It's the cheapest bank in the world," said Mr Odey, who paid around 160p a share to add to the £60m of Barclays shares which his fund already owns.

Mr Odey, who has already made one fortune betting on Barclays during the early part of 2009, is married to Nichola Pease, a member of one of the families which founded Barclays and sister-in-law of the bank's former chief executive, John Varley.

He also won handsomely shorting shares of former building societies which had to be bailed out, such as Bradford & Bingley. But he never shorted Northern Rock because his wife was on its board.