Not everyone wants the economy to turn around. George Soros, the Democratic Party’s Progressive Puppet Master, is celebrating the fact that he had a record year. Soros made a career of preying on the misery of others.
Soros is often referred to as the “man who broke the bank of England” in the 1992 Sterling crisis. During that crisis, he made $1 billion in one day at the expense of British taxpayers. At the time Soros was suspected of dealing based on inside information. The rumor then was that Soros was acting on insider information obtained from the French central bank and the German Bundesbank. The insider information was that they would not support the British pound, despite a pre-existing arrangement to do so.
Given that Mr. Soros is no fool, the British believe it is highly doubtful he would have made such a colossal bet without knowing with great certainty that the Germans would not reduce their interest rate.
Soros, a self-admitted Nazi collaborator, has a reputation for trading on confidential information obtained from political sources. For instance, he was convicted by a French court of having insider knowledge about a takeover attempt of a major French bank. His conviction was upheld in 2006, and he had to pay a multimillion-dollar fine.
The latest financial scuttlebutt is that the man who broke the Bank of England is at the center of a hedge fund plot to cash in on fall of the Euro.
But first he can celebrate because Soros and the rest of the world’s top hedge fund managers made hay last year with record pay because their much-maligned sector bet heavily on recovery of the financial sector after it received state aid, a survey showed.
The 25 chief executives of global financial heavyweights pocketed a total of 25.33 billion dollars (18.6 billion euros), doubling their earnings from 2008, according to a ranking by industry magazine AR Absolute Return+Alpha.
“The world may still be coming out of the Great Recession, but for the richest hedge fund managers, 2009 was the best year ever. And it couldn’t have happened without the carnage of 2008,” the magazine said.
Seven hedge fund managers broke the one-billion-dollar mark last year, while the last one on the top-25 list made 350 million dollars.
Appaloosa Management chief David Tepper, who bet on the recovery of banks and the debt of bailed-out US insurer AIG, earned the biggest payouts with four billion dollars in 2009, a record for the sector.
“We bet on the country?s revival,” Tepper told the New York Times, describing his trading technique as a mix of deep analysis and common sense.
“Those who keep their heads while others are panicking usually do well,” he said.
George Soros, the legendary US financier of Hungarian origin who once made a fortune correctly hedging that Britain would leave the European exchange rate mechanism, took the second spot with 3.3 billion dollars.
….”The figures are certainly shocking but logical when you are in the world of finance,” said Sophie van Straelen, of hedge fund analyst firm Asterias.
These “golden boys” of finance simply seized on investment opportunities generated by the depreciation of assets, she said.
Hedge funds massively bought shares on the cheap, and the debt of financial institutions which had been weakened by the subprime mortgage crisis, the precursor of the monumental collapse of Wall Street giant Lehman Brothers in September 2008.
The financial visionaries had bet on the fact that governments would prevent the collapse of the banking sector, which has a vital role in the functioning of an economy.
Hedge funds have been painted as villains since the global financial crisis erupted following the collapse of Lehman Brothers, and governments in Europe and the United States want to regulate the sector.
Well they aren’t all evil. George Soros the man who controls Media Matters, J-Street, The Secretary of State Project, and the Center for American Progress is not considered evil, he is funding much of the Progressive takeover of America. And by taking advantage of the misery of the rest of us, Soros is just earning more bankroll in which to change America for the worse.