Wednesday, April 22, 2009
Crisis? What crisis?....for Mr George Soros
Worried about losing your job in the current downturn? Frightened that you won’t be able to pay your mortgage, or that you won’t be able to take the kids for a summer holiday? Well, don’t worry- there’s one man who is having a whale of a time.
Our old friend, the arch-globalist Mr George Soros…..
The Daily Mail reports:
The hedge fund manager who predicted the global credit crunch has said the financial crisis has been 'stimulating' and the culmination of his life's work.
George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse.
Mr Soros said his prediction meant he was better able to brace his Quantum investment fund against the global storm.
But other investors failed to take notice of his prediction and his decision to come out of retirement in 2007 to manage the fund made him $US2.9 billion.
And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year.
'It is, in a way, the culminating point of my life’s work,' he told national newspaper The Australian.
Soros is one of 25 top hedge fund managers from across Wall Street who have defied the credit crunch crisis to reap a total of $11.6billion (£7.9bn) last year.
Hat tip: Louis Proyect.