‘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 signaled 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 CommissionThursday. Soros sold his holdings in Citigroup, J.P. Morgan and Bank of America. He took new stakes in RF Micro Devices, Nuance Communications, Marvel Technology Group, Nokia Corp, and Cypress Semiconductor. Soros also boosted his stake in Herbalifeand took a new position in Yamana Gold, AuRico Gold, and New Gold Inc. Cda.
When Soros dumps bank stock and invests in other areas he is sending a message that there is no money to be made, that the system is shot.’
Read more: Is Soros Engineering Another Black Wednesday?