Soros faces Congress over hedge funds' role in meltdown

Telegraph (UK) ^ | November 13, 2008 | James Quinn/Louise Armitstead

[flattorney]

Abstract: Five of the world's richest hedge fund managers, including George Soros, the man who the broke the Bank of England, have been called to account by US politicians for their role in the collapse of the global financial system. The quintet – including John Paulson, who made $3.7bn (£2.49bn) last year betting against the US mortgage market – were grilled over their roles in buying unregulated derivatives products, which some politicians believe contributed to the financial markets' meltdown. The men, who each earned more than $1bn each last year, were called to account by Democratic Congressman Henry Waxman, who chairs the House committee on oversight and government reform.

Mr Soros, best known for his $1bn bet against sterling in 1992 which forced Britain to leave the European Exchange Rate Mechanism, argued for measured regulation of hedge funds, predicting 50pc-75pc of the industry will disappear in the coming months in any case as a result of the financial crisis. Mr Soros stopped short of placing total blame for the crisis on hedge funds, but he admitted that the funds had been an integral part of the financial market bubble which had now burst. He added: "A deep recession is now inevitable and the possibility of a depression cannot be ruled out." However, he Mr Soros said blame for the crisis should also be borne by US financial regulators and the Federal Reserve for allowing the bubble to occur and called for regulation of financial engineering to be a high priority.

[flattorney]

TAB

[pnh102]

The Democrats will probably give Soros a gold medal.

[IrishCatholic]

Why isn’t this all over the US papers? Why do we have to read UK papers to find this out?

[freekitty]

I didn’t know this. Does it mean they were trying to hide it?

[soycd]

And the people of the democrats, nor soros, will never know the truth that they, themselves, are as much or more to blame for this mess than any Republican they are pointing their finger at.

We need the advice from a criminal like soros like fish needs a democrat to feed it.

[Raycpa]

Part of the conspiracy to get Barak elected?

[PistolPaknMama]

bump to myself.

[JennysCool]

[anymouse]

Gloat-fest for Soros and his cronies. "Look what we did to the world economy just to put our boy Obama in the White House - and you (Republicans) can't or (Democrats) won't do anything about it."

[Cacique]

Ahh, Soros may yet find out that feeding the shark means he will eventually be eaten. Couldn’t happen to a nicer guy. That’s the kind of guy Stalinists love to have shot.

[netmilsmom]

As SNL stated, George Soros is the owner of the Democrat Party.

[cookcounty]

Other than making some bucks, I wonder if there could be another motive?

Gee, what motive gould an Obama-worshipper possibly have for crashing the markets?......hmmmmmm.

[JimSEA]

Mr Soros stopped short of placing total blame for the crisis on hedge funds, but he admitted that the funds had been an integral part of the financial market bubble which had now burst. He added: "A deep recession is now inevitable and the possibility of a depression cannot be ruled out." However, he Mr Soros said blame for the crisis should also be borne by US financial regulators and the Federal Reserve for allowing the bubble to occur and called for regulation of financial engineering to be a high priority.

Odd, he didn't tell us to thank him like he did to the Asian countries at the peak of the 1997 Asian Crisis. After all, he is bringing us unadulterated socialism. It will save us!!

[Ulysse]

Where are the prosecutors?And the investigators?

[SunkenCiv]

Democrats at work to tap bailout for automakers
(maybe republicans can learn from pain)
yahoo | November 13,2008
KEN THOMAS, Associated Press Writer Ken Thomas, Associated Press Writer
[or maybe his name’s Ken Thomas, and he writes for AP, I’m not sure]
Posted on 11/13/2008 11:03:49 AM PST by sickoflibs
http://www.freerepublic.com/focus/f-news/2131591/posts

More Sessions Needed
The American Spectator | 11.13.08 | Quin Hillyer
Posted on 11/13/2008 8:22:03 AM PST by vietvet67
http://www.freerepublic.com/focus/f-news/2131485/posts

HRC Under Consideration for Secretary of State
NBC Nightly News | November 13, 2008 | Andrea Mitchell
Posted on 11/13/2008 3:43:18 PM PST by John W
http://www.freerepublic.com/focus/f-news/2131688/posts

Fired Boxer aide faces child porn charges
AP via SFGate | 11/13/8
Posted on 11/13/2008 9:28:12 AM PST by SmithL
http://www.freerepublic.com/focus/f-news/2131531/posts

GOP to file suit to undo McCain[-Feingold] rules
The Washington Times | 11/13/08 | Ralph Hallow
Posted on 11/13/2008 5:10:54 AM PST by HastertFan
http://www.freerepublic.com/focus/f-news/2131373/posts

Young retains US House seat in Alaska
AP
Posted on 11/13/2008 12:50:46 AM PST by Chet 99
http://www.freerepublic.com/focus/f-news/2131326/posts

[ken21]

alan greenspan contributed to the housing balloon by low interest rates.

barney frank and chris dodd et al created the subprime housing mess. countrywide provided cheap loans to u.s. congressional members in return for favors.

now it appears, people like george soros were instrumental in the timing.

just as john mccain sustained a lead over barak obama, this happened.

[pleikumud]

“The Democrats will probably give Soros a gold medal.”

---

More likely, Soros will get a bail out offer of $10 billion.

We taxpayers should all get a bail out package. Abolish the federal income tax.

[tubebender]

News from the UK...

[Purrcival]

I had a feeling that Soros had his grimy paws in there somewhere!!!!!

[bukkdems]

alan greenspan contributed to the housing balloon by low interest rates. barney frank and chris dodd et al created the subprime housing mess. countrywide provided cheap loans to u.s. congressional members in return for favors. Look, Obama is up to his neck in this sub-prime catalyst for the global financial meltdown. He sued Citibank on behalf of minorities getting mortgages they could never repay in 1994. He trained ACORN operatives on how to Mau-Mau bank directors and their families with demonstrations in front of their homes and breaking into board meetings. He had Franklin Raines of Fannie Mae, convicted crook CEO, as his housing advisor in the campaign. Rahm Emmanual was heading Freddie Mac. Tin Hat Alert: Not only that, I believe there was a collusion between Soros, limousine liberals, euroweenies and petrobillionaires to gin up a false financial crisis to overthrow republicans, with the aid of our media. I think they started withdrawing from our stock market, and doubling the price of crude through speculation, from last October to July. And they wound up collapsing our economy (made fragile by the race hustlers like Obama) just like they did during the Arab oil embargo. Looks like it became worse than they ever planned or imagined the last two months. To wit, our gas prices falling very fast to pump blood into our economy, hoping to prop things up, undo the carnage and turn Obama into a savior. Their cash will come streaming back into our markets come late January. More capital disappeared getting Obama elected than the entire cost of our Bush wars. Obama's campaign suspended standard address verification procedures for online commerce. This allowed anyone in the world to contribute with a fake U.S. address and Obama did not have to report the identities as long as the contribution was under $200. McCain documented every donor, no matter how small, and his online system rejected any donor with an address not matching. I wish to congratulate the world on its first purchase of an American presidency.