Billionaire Hedge Fund Managers Under Investigation
Soros Claims He Just A Lucky Hungarian That Made Billions
So What Did These Fraudsters Do
They run a group of 'Hedge Funds' that bet on the collapse of America. They would buy a $ trillion dollars in mortgages for 2% down, or buy stock futures for pennies on the dollar, and the bet was everything would collapse. Sort of like you borrowing $10,000 from your bank, with $200 down, and then betting on a fixed horse race.
These same people were on the opposite side of the trade, and if they lost, they stiffed the banks, and that is what is behind the derivative debacle.
A derivative is simply placing an enormous bet with borrowed money. Abe Felder borrows $100 million, and then bets that corn prices will collapse, he loses, and Citicorp is stuck paying the Grossman Farm Collective the $100 million. When Citicorp goes bankrupt, then the American taxpayer gets the bill.
These Fraudsters will now operate their Conjobs from DUbai
George Soros
Soros Fund Management
Famed as "the man who broke the Bank of England", after netting more than $12bn by betting the pound would fall out of the Exchange Rate Mechanism in 1992, the 78-year-old has attacked unfettered free market capitalism as being at the root of today's crisis.
Jim Simons
Renaissance Technologies
The world's most expensive hedge fund manager, 70, charges clients 5 per cent a year, plus a whopping 44 per cent of returns beyond a certain level. His fund runs "black box" programmes that harvest tiny profits from billions of automated trades.
John Paulson
Paulson & Company
Having run an obscure fund for 14 years, the 52-year-old last year made what rivals called "the greatest hedge fund trade of all time".
Philip Falcone
Harbinger Capital Partners
The 47-year-old made his fortune trading junk bonds in the Eighties. His firm was founded in 2001 and made another fortune last year betting against sub-prime mortgages. His two funds boasted 114 and 176 per cent returns in 2007.
Ken Griffin
Citadel Investment Group
Last year, it looked as the 40-year-old might become one of the world's biggest financial players after buying up so many distressed funds, banks and brokers. Now he is fighting to save his fund after losing 35 per cent of it this year.
