by Chris Carrington, The Daily Sheeple:
September 16th 1992 became known as Black Wednesday after George Soros, the Hungarian born banker, short sold sterling, which forced the UK government to withdraw the pound from the European Exchange Rate Mechanism. He became known as ‘the man who broke the bank of England’. It is said he made more than a billion dollars overnight. You can read more about that here.
Soros is not beyond positioning himself where he will profit by stock market crashes. A short time ago he was in the news because he made a billion dollar bet against the S&P 500, a move that some claimed signalled trouble ahead for the stock markets. This week his name is once again being bandied about in financial circles.
Tom Bernis of Market Watch reports:
George Soros dumped his stakes in banks and went for tech and gold miners in the first quarter, according to a filing with the Securities and Exchange Commission Thursday.
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