Focus: From Profiteer to Prophet of Doom in 1992 George Soros Crowned Himself King of the Money Markets. Now He Is Losing Vast Sums - $2Bn in Russia Alone - and Says Capitalism Is Dying
Bishop, Matthew, The Independent (London, England)
It is rare for George Soros to make news by losing money. The Hungarian-born financier is best known as "the man who broke the Bank of England", thanks to the $1bn (pounds 600m) profit he picked up in September 1992 by forcing sterling out of Europe's exchange-rate mechanism. He is invariably described as "the world's most successful investor". Yet last week Mr Soros was in the headlines because of his huge losses, which have resulted in a shake-up of the management of his Quantum Group of investment funds. Most of the losses came from speculating in emerging markets, and included a whopping $2bn hit in Russia alone.
Might this sudden reversal in his fortunes explain why …
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Publication information: Article title: Focus: From Profiteer to Prophet of Doom in 1992 George Soros Crowned Himself King of the Money Markets. Now He Is Losing Vast Sums - $2Bn in Russia Alone - and Says Capitalism Is Dying. Contributors: Bishop, Matthew - Author. Newspaper title: The Independent (London, England). Publication date: November 1, 1998. Page number: 23. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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