Veteran hedge fund manager George Soros announced today he will no longer manage other people's money. Investment Week looks back at his career...
1) The man who broke the Bank of England Never one to do things by halves, in 1992 Soros bet big that the pound had entered the European Exchange Rate Mechanism (ERM) at too high a rate, and would have to be devalued. His fund short sold $10bn worth of the currency and when the UK exited the ERM and the pound was devalued Soros was one of the few happy men on Black Wednesday - having earned about $1.1bn. 2) Insider trading In 2002, Soros was found guilty of insider trading and profiting from knowledge about a takeover bid for French bank Société Générale in 1988. He was fined £...
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