Thursday, March 26, 2009
'I'm having a very good crisis,' says Soros as hedge fund managers make billions off recession
By Mail Foreign Service
Last updated at 5:13 PM on 25th March 2009
A hedge fund manager who predicted the global credit crunch has said the financial crisis has been 'stimulating' and the culmination of his life's work.
George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse.
Mr Soros said his prediction meant he was better able to brace his Quantum investment fund against the global storm.
But other investors failed to take notice of his prediction and his decision to come out of retirement in 2007 to manage the fund made him $US2.9 billion.
And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year.
'It is, in a way, the culminating point of my life’s work,' he told national newspaper The Australian.
For the man who took over the democratic party, to not have one mention of Barack Obama in his wiki -- or did I miss it?