Soros Fund Management: Difference between revisions
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Revision as of 01:41, 3 June 2009
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Soros Fund Management LLC, founded by George Soros, is a privately held corporation providing financial services and investment strategies for various funds including some controversial hedge funds such as the Quantum Group of Funds. The company's investment strategies have been based on analysis of real or perceived macroeconomic trends in various countries. Soros' companies have been accused of applying pressure on currencies to directly benefit their speculative strategies. Soros responds to these charges by saying that his funds merely take advantage of known weaknesses in the international financial system.
1992
In the week leading up to September 16, 1992 (the "Black Wednesday"), Quantum Funds made $1.8 billion by shorting British pounds and buying German marks. This feat earned Soros the title of "the Man Who Broke the Bank of England". There were unsubstantiated and unspecific allegations that individuals affiliated with Soros gathered confidential information in an unethical and illegal manner about the Bundesbank's policy toward the British pound [1]. On the other hand British government policy in the period before the ejection of the pound sterling from the Exchange Rate Mechanism of the European Monetary System has been widely criticised for providing speculators with a one-way bet.
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