The Water Cooler
See other The Water Cooler Articles
Title: Did Soros Make $1B Betting on U.S. Downgrade?
Source:
Daily Mail
URL Source: http://nation.foxnews.com/george-so ... s-make-1b-betting-us-downgrade
Published: Aug 8, 2011
Author: Daily Mail
Post Date: 2011-08-08 19:50:48 by Brian S
Keywords: None
Views: 1564
Comments: 3
Who made a billion dollars on 10/1 bet that U.S. credit rating would be downgraded? By Mark Duell, The Daily Mail Last updated at 5:03 PM on 8th August 2011 A mystery investor or hedge fund reportedly made a bet of almost $1billion at odds of 10/1 last month that the U.S. would lose its AAA credit rating. Now questions are being asked of whether the trader had inside information before placing the $850million bet in the futures market. There are mounting rumours that investor George Soros, 80, famously known as ‘the man who broke the Bank of England’, could be involved. He made more than $1billion on currency speculation when the British pound left the Exchange Rate Mechanism on Black Wednesday in 1992.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: All (#0)
MORE... But a source with knowledge of the firm said Soros was not involved in the rumoured trade and questioned whether in fact there had been such a trade at all. The latest bet was made on July 21 on trades of 5,370 ten-year Treasury futures and 3,100 Treasury bond futures, reported ETF Daily News. Now the investor's gamble seems to have paid off after Standard and Poor’s issued a credit rating downgrade from AAA to AA+ last Friday. Whoever it is stands to earn a 1,000 per cent return on their money, with the expectation that interest rates will be going up after the downgrade. Concerned traders: Wall Street opened down on Monday after Standard and Poor's issued a credit rating downgrade from AAA to AA+ last Friday Concerned traders: Wall Street opened down on Monday after Standard and Poor's issued a credit rating downgrade from AAA to AA+ last Friday The link has been made to Mr Soros in part because he has been tied to President Obama’s administration since 2008, reported The Examiner. He also recently stopped managing money for outside investors, meaning he is under less scrutiny from the Securities and Exchange Commision But the mystery bet could easily have been made by another trader with similar resources, despite Mr Soros’s links with the Obama administration. The bet also raises questions of whether President Obama and Treasury Secretary Timothy Geithner knew that a downgrade was on the cards. Mr Geithner said in April there was ‘no risk’ of a downgrade - but the government now appears annoyed, not surprised, by last week’s decision. He has since slammed S&P for showing 'terrible judgment' in their decision and a 'stunning lack of knowledge' of U.S. fiscal budget maths.
Never swear "allegiance" to anything other than the 'right to change your mind'!
Dumb and Dumber. The Obama Downgrade is good for the Country.
If they shorted bond and 10 year futures or cash on 7/21...they've LOST money.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
#2. To: Brian S (#1)
Mr Geithner said in April there was ‘no risk’ of a downgrade
#3. To: Brian S (#1)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]