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t. e. Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERM I), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation.
In 1992, on what became known as Black Wednesday, Soros' lead fund, Quantum Fund, became famous for profiting from the devaluation the pound when the currency left the Exchange Rate Mechanism. Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the British currency would drop in value, netting him a profit ...
If Soros were worried about the markets, he would short them to make money if they fell -- just as he did when he made $1 billion shorting the British sterling pound during a single day in 1992 ...
Speculative attack. In economics, a speculative attack is a precipitous selling of untrustworthy assets by previously inactive speculators and the corresponding acquisition of some valuable assets ( currencies, gold ). The first model of a speculative attack was contained in a 1975 discussion paper on the gold market by Stephen Salant and Dale ...
George Soros [a] HonFBA (born György Schwartz on August 12, 1930) [1] [2] is a Hungarian-American [b] businessman, investor, and philanthropist. [7] [8] As of October 2023, he had a net worth of US$6.7 billion, [9] [10] having donated more than $32 billion to the Open Society Foundations, [11] of which $15 billion has already been distributed, representing 64% of his original fortune.
Soros describes "Black Wednesday", the time he made 1 billion dollars selling the British pound short, as well as the roughly $600 million he once lost speculating on the yen in February 1994. In simple terms, "Black Wednesday", was a formal devaluation of the British pound by around 20% against the dollar, the German Mark, and other currencies ...
Managing the Quantum Fund with George Soros. Stanley Freeman Druckenmiller (born June 14, 1953) [1] is an American billionaire investor, philanthropist and former hedge fund manager. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010, [2] at which time it had over $12 billion ...
Soros’ fund has awarded grants to two groups linked to campus protests, but the connections between Soros’ money and protesters had several degrees of separation.