So how far will John Paulson's paycheck tumble this year? Last year, some have estimated that the hedge fund kingpin personally made $5 billion, a nearly unfathomable amount, reflecting $1 billion in performance and management fees from his funds and the rests from his personal stake in those funds.

As of right now, his personal take could easily go down by about $5 billion 2011, not that he would be hurting if that were to happen. You would have to think that his take from performance and management fees of his funds will have to decline. His two flagship funds are down in the range of 20 percent. While his gold fund has fared well, his other funds are underwater or close. So in sum, he'll likely get zip on fees. That means his on-paper take from his personal investment in these finds will be nil as well. In fact, his net worth just might take a massive hit.

Of course, he could always stage a dramatic turnaround like he did last year. It will be interesting to see how he handles being so deep underwater, a situation with which he is not accustomed. Indeed, he's had a string of several good years in a row. We would assume that he'll have to get back to the high-water mark before he can turn on the fee spigot again. But there may be some specifics on that in his contracts that few are privy too. In any case, his hole got a bit deeper when Hewlett-Packard tanked. Deal Journal suggests he has taken a massive bath on his funds' holdings.

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