SubscribeSoros 2nd Biggest Profiteer In Housing Crisis
Buried in this article from those arch fiend capitalists at Forbes:
Your Pain, Their Gain
Peter J. Schwartz 05.05.08
Crumbling home prices and $100 oil helped Wall Street’s Highest Earners pull in $19 billion last year
Problems paying the mortgage, filling the gas tank and feeding the family have eroded living standards for millions of Americans during the past several months. Not so for people who manage big piles of money–many of them made a fortune betting correctly on the housing debacle and rising commodity prices last year.
Our second annual look at the pay of folks who run hedge and private equity funds shows that the top 20 took home a collective $18.7 billion last year, 43% more than in 2006. To even make the list you needed minimum earnings of $350 million, which is $90 million higher than the year before. No chief executive of a traditional Wall Street investment bank even came close…
For hedge fund billionaires Pickens and second-ranked George Soros ($2.4 billion), whose own investments compose a significant portion of their funds, there’s more to be made from asset appreciation than from fees. Soros made $2 billion from the growth of personal investments within his $17 billion Quantum Endowment Fund, which returned 32% for the year…
Gee, a suspicious person might even wonder if Mr. Soros hasn’t had something to do with both the collapse of the housing market and the spectacular rise of the cost of oil.
Where are the Congressional investigations?
Or is it all right to make billions (with a b) a year off of the back of the suffering poor as long as you are the Democrat’s top money man?
And in case this was not enough irony for your daily minimum requirement, we also have this article from France’s AFP:
Soros urges regulation for hedge funds
04.17.08
BRUSSELS (Thomson Financial) - Hedge fund pioneer George Soros called on Thursday for regulation of such highly speculative investment vehicles and the banks that lend to them.
‘I think that hedge funds need to be regulated like all other market participants,’ Soros told a conference in Brussels, where he was promoting his most recent book.
The Hungarian-born billionaire financier said that hedge funds would be best regulated through the banking system by requiring banks that lend to them to hold greater reserves…
Hedge funds leverage capital provided by wealthy and institutional investors with borrowed money, which they use to make often highly risky and complex trades.
They are currently largely unregulated despite growing calls for action from authorities.
Although the current crisis in the financial sector originated largely in the banks — the regulated part of the market — hedge funds have faced intense scrutiny recently because of their huge leverage…
While global financial markets were witnessing the bursting of what Soros called a ’super bubble’ …
Of course Mr. Soros has done more than his part to talk the economy down.
And now that he will soon have his minions back in power, he is all for regulating those evil hedge funds.
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13 Responses to “Soros 2nd Biggest Profiteer In Housing Crisis”
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April 17th, 2008 at 6:37 pm
“Or is it all right to make billions off of the back of the suffering poor as long as you are the Democrat’s top money man?”
Um….yes…is that the right answer? I’m willing to bet my $940 million paycheck that media liberals saw the headline, lit up, started constructing their attacks on capitalism in their minds, then saw Soros’ name…and got depressed. They won’t get as much mileage out of this one b/c Georgie’s near the top. Mind you, they’ll still harp on it incessantly, but they’ll attack capitalism in general rather than the individuals. Or they’ll lie, either by gleaning over him (i.e. “Wall Street kingpins such as John Paulson and Philip Falcone…”) or just go for broke and say Soros gave all of that money to Republicans. By the time the GOP responds they’ll have fooled a portion of the population, and issue a quiet retraction. Isn’t propaganda wonderful.
April 17th, 2008 at 7:12 pm
Soros made, and continues to make, daily fortunes within the capitalist system of governance. Now that he has risen to his current level of wealth, he puts his effort toward converting that system of government into a socialist state. Rest assured, his class-warfare rhetoric serves no purpose other than to preserve his position as kingmaker, and to keep us peasants in our proper “place”. He will never have to live in the world he would create for the rest of us.
April 17th, 2008 at 7:26 pm
I wonder how many billions in tax-payer funded bail-out money George Soros stands to gain if his “boy”, Barack Hussein Obama, gets elected?
April 17th, 2008 at 9:19 pm
“I wonder how many billions in tax-payer funded bail-out money George Soros”
I wonder how many of the billions that George Soros is spending to trying to elect anyone who will do his bidding has really came from the American taxpayers?
Remember this is the guy who broke the Bank of England, and has taken positions against the dollar for years.
April 17th, 2008 at 10:45 pm
I’m not so sure Soros hates the US, rather he hates the American people in general. B. Hussein talks about the minions being bitter, Soros would certainly fit in that category towards We the people. Possibly might be the biggest hipocrite ever born. His bitterness is along the lines of owlgore, “They didn’t love me, didn’t vote me in to be the king of the world, I’ll show them by loading this pile of crap called global warming on their backs, see how they feel then”. Next to the islamic religon of hate, Soros could easily be the next greatest enemy this country faces right now.
April 17th, 2008 at 11:44 pm
“Next to the islamic religon of hate, Soros could easily be the next greatest enemy this country faces right now.”
I wouldn’t argue with that.
April 18th, 2008 at 6:58 am
Soros is getting the best government that money can buy. soros, and people like him, discovered long ago that personal agendas can be made a reality with cold hard cash. Our elected officials are all to eager to assist him in any way they can.
The rest of us? Uh, we cant afford our current government. Just look at your tax form. We are the fuel that keeps our bought and paid for Congress running……amok. Depressing, actually.
April 18th, 2008 at 10:22 am
-’Of course Mr. Soros has done more than his part to talk the economy down.’-
I thought that is how Soros made his ‘fortune’ - destroying economies of countries?
Shouldn’t that alone make him suspect for any and all of his ‘manipulations’ within the American economy?
Yes, it must be nice to kill, steal, cheat, lie, perjure oneself, commit treason, commit sedition, commit election fraud and - well etc - and get away with it simply because your ‘party’ ties. . .
Sad in America that an ok politician is drummed out of office over a gaffe - macaca - which was a lot of things but mostly stupid and the Democrat culture of corruption continue on their merry little ways - destroying America bit by bit by bit.
April 18th, 2008 at 11:06 am
“huge leverage”
Sub Prime Mortgages?
April 18th, 2008 at 12:19 pm
He certainly does push the markets down. He uses his BILLIONS of dollars in his hedge funds to push companies into the dirt so he can short their stocks…. He has been doing this for many years.
April 18th, 2008 at 6:22 pm
“Remember this is the guy who broke the Bank of England, and has taken positions against the dollar for years.”
Don’t forget about France……………….
Here’s another article about it from 2005. http://www.iht.com/articles/20...../soros.php
It’s the Battle of the Two George’s I tell ya’…………………
April 19th, 2008 at 6:51 am
I have a good friend from Indonesia who states that Soros had something to do with the collapse of the Indonesia ecconomy
April 19th, 2008 at 12:50 pm
And we sit idly by and continue to let it happen…
it’s going to take a very radical and hostile movement to take our country back… we have already identified the enemy, we have already identified the action that must be taken, there is nothing left but action….. but will we do it?