Billionaire Hedge Fund Managers
Under Investigation
Soros
Claims He Just A Lucky Hungarian That Made Billions
A Vicious Anti Semitic
Persecution
A Second Generation Holocaust
Survivor
I Bet Their Private Jets Are
Ready To Fly To Israel
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So What Did These Creatures 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.
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George Soros
Soros Fund Management
Paid last year – $2.9bn
Famed as "the man who broke the Bank of England", after netting more
than $1bn 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
Paid last year – $2.9bn
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 millions of automated trades.
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John Paulson
Paulson & Company
Paid last year – $3.7bn
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".
As a result he traded up in the Hamptons, the upstate playground for
New Yorkers, and bought a lakeside compound for $41m (£27.8m).
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Philip Falcone
Harbinger Capital Partners
Paid last year – $1.7bn
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.
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Ken Griffin
Citadel Investment Group
Paid last year – $1.5bn
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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