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Billionaire Hedge Fund Managers Under Investigation

Discussion in 'U.S. Politics' started by khothla, Nov 23, 2008.

  1. khothla

    khothla New Member

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    Billionaire Hedge Fund Managers Under Investigation


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    Soros Claims He Just A Lucky Hungarian That Made Billions


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    So What Did These Fraudsters Do

    They run a group of 'Hedge Funds' that bet on the collapse of America. They would buy a $ trillion dollars in mortgages for 2% down, or buy stock futures for pennies on the dollar, and the bet was everything would collapse. Sort of like you borrowing $10,000 from your bank, with $200 down, and then betting on a fixed horse race.

    These same people were on the opposite side of the trade, and if they lost, they stiffed the banks, and that is what is behind the derivative debacle.

    A derivative is simply placing an enormous bet with borrowed money. Abe Felder borrows $100 million, and then bets that corn prices will collapse, he loses, and Citicorp is stuck paying the Grossman Farm Collective the $100 million. When Citicorp goes bankrupt, then the American taxpayer gets the bill.

    George Soros

    Soros Fund Management


    Famed as "the man who broke the Bank of England", after netting more than $12bn by betting the pound would fall out of the Exchange Rate Mechanism in 1992, the 78-year-old has attacked unfettered free market capitalism as being at the root of today's crisis.

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    Jim Simons

    Renaissance Technologies


    The world's most expensive hedge fund manager, 70, charges clients 5 per cent a year, plus a whopping 44 per cent of returns beyond a certain level. His fund runs "black box" programmes that harvest tiny profits from billions of automated trades.

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    John Paulson

    Paulson & Company


    Having run an obscure fund for 14 years, the 52-year-old last year made what rivals called "the greatest hedge fund trade of all time".


    Philip Falcone

    Harbinger Capital Partners


    The 47-year-old made his fortune trading junk bonds in the Eighties. His firm was founded in 2001 and made another fortune last year betting against sub-prime mortgages. His two funds boasted 114 and 176 per cent returns in 2007.


    Ken Griffin

    Citadel Investment Group


    Last year, it looked as the 40-year-old might become one of the world's biggest financial players after buying up so many distressed funds, banks and brokers. Now he is fighting to save his fund after losing 35 per cent of it this year.
     
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