Phil Falcone Resigns From Harbinger Group, Collects $40.3 Million

``Harbinger Group was one of the best things Falcone had going for him in recent years. After becoming a billionaire by successfully betting against subprime mortgages, Falcone bet big and lost on Lightsquared, a wireless communications firm that ended up in bankruptcy court. His hedge fund firm was already in trouble when the Securities & Exchange Commission went after him for taking a $113 million loan from one of his hedge funds to pay his personal taxes and only giving favored clients like Goldman Sachs the ability to exit his failing hedge fund.''