Wednesday, May 8, 2013

How George Soros Just Made $19 Million In 36 Hours

George Soros may have just done it again.  According to HuffPo Rumors are circulating that the billionaire investor made $19 million in just 36 hours by betting that the Australian Federal Reserve would cut interest rates, the Sydney Morning Herald reports. On Monday a trader in Hong Kong believed to be from Soros’ investment firm placed a $1 billion bet on the Australian dollar dropping in value as a result of the rate cut -- a prediction that ultimately came true a day and a half later.  What’s more is that it appears the mystery trader made the bet three times, raking in a total of nearly $60 million.

Though he may be better known now for his progressive activism, the 82-year-old Soros first garnered fame for shorting the British pound in a $10 billion bet that “broke the Bank of England.” Soros reaped $1 billion from that 1992 gamble and forced the Bank of England to desperately buy 1 billion pounds and raise interest rates by 2 percent as more speculators followed Soros and bet against the pound….

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