[quote SabrinaThwaite]@TerryHearn
I think you’ve forgotten Crispin Odey (worth £825 million) who donated £800k to Leave and then made £220 million by shorting shares over the referendum.
Good return eh?
Hero of the ordinary working man eh?[/quote]
I now bring Exhibit B. George Soros (Remainer) and his bet against the British Pound.
In Britain, Black Wednesday, which occurred on September 16, 1992, is now known as the day when speculators "broke the pound," which is an euphemism created to describe the moment in time when they came together to force the British government to pull the pound from the European Exchange Rate Mechanism (ERM).
It was during the summer of 1992 when Soros began building a short position in the British pound. According to his colleagues, he carried a $1.5 billion short position for most of the summer. The British government defended the pound by raising interest rates more and more. The government soon realized it would pay out massive amounts of money to defend the pound. German officials also made public statements that realignment within the ERM might be possible in mid-September.
In response to these comments by German officials, Soros decided to increase the size of his bet massively. He went from a $1.5 billion position to a massive $10 billion in the middle of September.1 He knew that the British government was having trouble keeping the currency propped up. Either the pound stayed relatively stable, in which case Soros and his investors would lose a little money, or the alternative was their bet would pay off. Thus, this was a low-risk, high-opportunity trade.
The British government was forced to abandon the ERM and begin allowing its currency to float freely on the evening of Sept. 16, 1992. The next day the pound fell 15% versus the German mark and 25% against the U.S. dollar.4 It is estimated Soros pocketed $1 billion on the deal and cemented his reputation as the premier currency speculator in the world.
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