Monday 26 October 2009

By George! Soros plays both sides

I see that billionaire investor, George Soros, has told the Financial Times that the big profits made by some Wall Street banks are "hidden gifts" from the state, and taxpayer resentment of such companies is "justified".
It's a fair enough point - although he might not be quite the man to make it.
"When I sold sterling short in 1992, the Bank of England was on the other side of my transactions, and I was in effect taking money out of the pockets of British taxpayers," he once gloated. "But if I had tried to take social consequences into account, it would have thrown off my risk-reward calculation, and my profits would have been reduced."
So that's all right then!

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