H/T to Weasel Zippers.
George Soros, the billionaire hedge fund manager best known for defeating the Bank of England on “Black Wednesday” in 1992, is to close his Quantum fund to outside investors and hand back the remaining outside capital.
Blaming the requirement under new financial regulations to register next year with the Securities and Exchange Commission, the fund will continue to manage around $24.5bn of family money.
“An unfortunate consequence of these new circumstances is that we will no longer be able to manage assets for anyone other than a family client as defined under the regulations”, Jonathan and Robert Soros, his sons who are co-deputy chairmen of the fund, wrote in a letter to investors on Tuesday.
Soros and his spawn will no longer be able to use hedge funds as a Ponzi scheme.
This is probably just a small dent in the socialist megalomaniac’s money machine, but he will now have to use his own money to speculate the dollar into worthlessness, and banks into financial meltdown.
In a perfect world, the SEC would be the least of his worries.
- George Soros ‘retires’ as hedge fund manager, blaming US regulations (telegraph.co.uk)
- George Soros Scales Back: He’s Done This Before (blogs.wsj.com)