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’The ECB is not here to save the world
Oct 25 (Reuters) – Euro zone leaders will call on the European Central Bank to go on buying bonds in the secondary market to support the likes of Italy and Spain, according to draft conclusions obtained ahead of a summit on Wednesday…
We, concerned Europeans…
… That’s George Soros and 95 others calling for a common treasury, supervision, regulation and deposit insurance in the eurozone.
Paulson’s BofA-Citi-Wells switcheroo
John Paulson’s quarterly 13F filing was released late on Monday and the headlines make for interesting reading. We may go through it in more detail later but we thought this portfolio change-up was worth noting right away:
George Soros goes it alone, keeping it all in the family
An end of an era, of sorts.
Bloomberg reports Tuesday morning that Soros Fund Management LLC will no longer be investing non-family capital and will be returning less than $1bn to investors.
In a letter to Quantum Fund investors,
Danish covered bonds at dawn
A break in the clouds, for Denmark’s stormy covered bond market:
(Bloomberg) Denmark’s covered bonds are likely to be snapped up by U.S. buyers even after Moody’s Investors Service downgraded the securities,
Further further reading
For the commute home, where no-one criticises your fiscal policies,
- More on Goldman’s bearish commodities turn.
- Richard Koo talks balance sheet recessions.
- A read-out from Soros’ bash in Bretton Woods.
Beware the reflexivity of Irish bonds
Respected economist Paul de Grauwe, of Leuven University, has a big warning for the eurozone — on the back of the Irish and Greek sovereign crises.
According to him, it was the idea of a sovereign debt restructuring mechanism (or burdensharing for investors) proposed on October 18,
Soros goes to Bombay (Stock Exchange)
You know things are heating up when George Soros wants to invest, and in this case, it’s Asia’s oldest stock exchange.
As the FT reports on Wednesday, Soros is in final talks to buy Dubai Holding’s 4 per cent stake in the Bombay Stock Exchange (still somewhat anachronistically called after the old colonial name for the city of Mumbai) for about $40m,
Hugh Hendry: Soros has embraced socialism
On Thursday, George Soros penned an op-ed in the FT arguing that Germany needs to engage in a thought experiment, one involving withdrawing from the European single currency:
The restored Deutschemark would soar,
Soros and the bullion bubble
Gold is rallying — but is it all because of one man’s lack of faith in the euro?
As Bloomberg reported on Monday:
George Soros is helping drive up gold prices by doubling his bet in a market even he considers a “bubble” as Goldman Sachs Group Inc.,
Soros’s bubble buy
It’s just as well that George Soros has a philosophy (as the Wall Street Journal reminds us) of spotting a bubble and buying it, as he puts it.
When it comes to gold, which he famously described at the recent World Economic Forum in Davos as “the ultimate asset bubble”,
Davos time!
The great, the good and the simply pompous of finance have been gathering in Davos, Switzerland for the annual World Economic Forum on Tuesday.
Lucky for us — the great uninvited — the rise in social media means we too can feel part of the buzz and economic hot air conjecture.
Soros shows how to make (more) money and look like a nice guy
So George Soros, billionaire investor, philanthropist and political activist is now “Mr Green”, with an initiative announced at the weekend to invest $1bn in clean technology and donate $10m a year to a new climate policy forum over the next decade.
Weekend catch-up
In case you missed these stories,
- Citi to sell Phibro unit to Occidental
Citigroup said on Friday it has sold its controversial commodity unit Phibro to Occidental Petroleum, for a cut price amid US government pressure over the compensation of star trader Andrew Hall.
US economy has bottomed: Soros
The US economy has hit bottom and the current quarter will see positive growth due to the government’s stimulus spending, billionaire financier George Soros told Reuters Television on Tuesday. Soros said government stimulus efforts had “made a difference” and that the US economy faces a positive quarter,
Quote du jour, instruments of mass destruction edition
Hedge fund manager George Soros tells a banking conference in China (via Reuters):
“Some derivatives ought not to be allowed to be traded at all. I have in mind credit default swaps. The more I’ve heard about them,
The Susan Boyle factor
What do equity rallies have in common with the whizzing around in cyberspace of the latest Youtube sensation — a clip of Britain’s Got Talent contestant Susan Boyle wowing the judging panel of Simon Cowell,
One giant drop of cash for mankind?
European Union ministers are reportedly going to back a call from the IMF to double its funds to $500bn when they meet at this weekend’s G20 meeting in London.
Raising funds, of course, could be done in two ways.
We don’t want no stimulus plan (or, the case against Keynes)
It was bound to happen – the return of the anti-Keynesians en force. Their case: mass government stimuli are no solution to a) a global crisis and b) a crisis of debt that transcends all previous crises of debt in terms of size.
Hedge fund chiefs speak
Some of the world’s top-earning hedge fund managers told Congress on Thursday that they broadly agreed that largely unregulated financial vehicles ought to be subject to greater disclosure, though they warned of excessive regulation.
[Hedgies v Waxman] Choice quotes from the prepared testimony
John Paulson, who called for stiffer conditions on government funding in the TARP program, including the suspension of dividend payments on common stock until after TARP preferred shareholdings are repaid:
[Hedgies v Waxman] Paulson, Falcone and Soros head to the Hill
The Committee on Oversight and Government Reform, chaired by the formidable Henry Waxman, will today hold a hearing on hedge funds and the financial market.
According to preliminary reports, it promises to be a zinger.
Oops – Hungary hikes rates afterall
Hungary’s decision just days ago to hold rates tight in the face of a major forint sell-off and all-round capital flight appears to have been a tad shortsighted.
Having failed to quell a growing sell-off across Eastern Europe,
Pink Picks: Expert views of financial crises and bailout machinations
Comment, analysis and other offerings from Wednesday’s FT,
The experts’ view: Faber, Draaisma, Roche, Paulsen, Bond, Wieting
After the collapse of the US bail-out plan in Washington, six experts take stock and look at the implications.
Snap news
The latest on Tuesday,
- Vodafone to make formal €1.6bn bid in next 24 hours for Tiscali at €2.8 a share – Dow Jones.
- GfK and Taylor Nelson Sofres boards agree terms for merger of equals –
Soros – There is a fundamental market misconception (it says so in my book)
Market fundamentalists (otherwise known as financial authorities and institutions) believe in a tendency toward equilibrium. However, says Soros’ column in Thursday’s FT, this belief in the market’s supposedly random deviations from equilibrium and it’s ability to self correct is basically false.
Now it’s Kaletsky versus Soros – it’s rationality, stupid
George Soros is on a roll – generating more publicity than Britney Spears on a very bad day with his gloomy predictions for markets (“facing their worst crisis in 60 years”) and attacks on the Fed. In Thursday’s edition of The Times,
Soros: The worst market crisis in 60 years
Another, less-than-happy view of today’s financial world comes in the form George Soros’s comment article in Wednesday’s FT. No less relevant for having been written before the Fed’s rate cut on Tuesday – and for reiterating as well as adding to recent comments,
Greenspan and Soros are cheerful chaps…
Those who roam the world issuing gloomy proclamations are at it again. It’s a double-barrelled, big-name assault – on the US economy.
First up is Big Al. He’s in Tokyo – in pixel form at least, speaking at a conference via video link on Monday.
“It’s a warning crack,” says Soros
George Soros is in the chair this week for FT.com’s View from the Top interview.
The infamous investor lays the recent bout of market turbulence firmly at the carry trade’s door: “I think there are several factors but,