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Friday, July 23, 2010

George Soros : U.S. Bank Reform Good but Too Early

Philanthropist and Billionaire investor George Soros  said the just-passed U.S. financial overhaul bill comes in a time when the Banking system is still fragile andthe banks have not recovered sufficiently to cope with new restrictions on their activities.

"The banking system still needs to earn its way out of a hole," Soros said at a panel discussion at the Hamptons Institute in East Hampton, New York.

In that sense the bill has come "too early." While Soros said of the bill it "is good to have it done," he said the new legislation "doesn't address the problems in the system."
via abc news

Soros : The timing is wrong to cut the stimulus

“I think the timing is wrong with withdrawing the stimulus,” “Cutting employment benefits, cutting aid to states that are losing tax revenue, these are counterproductive because you can only grow your way out” George Soros said at the Hamptons Institute in East Hampton, New York on July 16.
via bloomberg
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.