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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 simple terms, "Black Wednesday", was a formal devaluation of the British pound by around 20% against the dollar, the German Mark, and other currencies that took place on September 16, 1992. Soros, in the two weeks prior to September 16, on behalf of his hedge fund, and backed by both large bank loans and a multitude of the fund's co ...
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 ...
George Soros Net Worth: $8B* Soros has a net worth of $8 billion*, according to Forbes. His most legendary money move might have been when he bet against the British pound’s strength in 1992 ...
Most people are familiar with the phrase, "A penny saved is a penny earned." This means that if you hold on to that penny and put it in a savings account, you can slowly grow its value through...
344. ISBN. 9-780-37570549-6. Soros: The Life and Times of a Messianic Billionaire is a non-fiction book by Michael T. Kaufman released by Random House in 2002, that illuminates the early life, education, work, and controversial philanthropy of George Soros, a man considered by many to be one of the most enigmatic yet globally influential ...
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 ...