Let me count the ways George Soros, hedge fund billionaire, has become enriched through his trading "strategies".
Years ago, he broke the Bank of England by wagering against the British pound, pressuring it in such a way that England had to devalue their currency – his first billion-dollar payday. Various ploys over the years enriched him further. Then he made billions by wagering that the housing and mortgage markets would collapse in America – a multi-billion dollar payoff again.
Now he is up to his old tricks again: working with other hedge funds to force the European currency to crack
The other day I was saying that maybe I could recycle headlines from prior decades; add this one to the list.
More at the Daily Mail, via Larwyn,
Man who broke the Bank of England, George Soros, ‘at centre of hedge funds plot to cash in on fall of the euro’
Mr Soros, who made more than $1billion by currency speculation when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the euro is ‘patently flawed’.
He said: ‘Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland.
‘Together they constitute too large a portion of euroland to be helped in this way.’
He believes that unless the European Commission is given sweeping powers over taxation and spending, the single currency will always be vulnerable to financial turbulence in individual states.
Click on the photo for another interesting story (from last year) on Soros.