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Friday, October 8, 2010

Soros : The Banking System Remains Too Connected

NEW YORK (Reuters) - Billionaire investor George Soros said on Thursday that the U.S. financial regulation bill does not address the problem of a banking system that is "too connected to fail".

"We didn't grasp the real problems" in the financial regulation bill, Soros said at a Financial Times conference. Soros argued that the banking system is too compartmentalized and added he doesn't see what has been done to solve that issue.

"One thing you have to recognize is that markets are inherently unstable, and maintaining stability has to be the objective of financial authorities," Soros said. "I think things have really gotten out of control and they have not been brought under control by what we've done so far."
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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.