Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
What does it say about Soros that one of his top guys was at that Manhattan dinner with Goldman Sachs and Paulson and a few others where there was a lot of talk about Greece. We know that shortly after that dinner, the CDS market for Greece blew up. We know the cost of Greek debt skyrocketed after that as well (before any Greek restatements of yearly deficit which occurred in November). We know that people at that table had intimate knowledge of Greek debt. We know what the people at that table at for dinner.

As well, the Greek restatement of finances was only for this year (2010) and not prior years. The debt to GDP was at 100% every year since 2004, and this year's restatement from 6.7% to 12.7% is a matter of 15 billion euros, which surely could not have been the cause of all the panic.

by Upstate NY on Sun Apr 11th, 2010 at 04:46:41 PM EST

Mr Soros said that he was no longer engaged in making active currency bets himself, since he retired from direct involvement in the Soros fund earlier this year and is now focusing on initiatives such as the launch of the Institute for New Economic Thinking, a think-tank which was launched in Cambridge this weekend.

However, he said that even if he was still trading in the markets, he would be extremely wary of placing big bets now, since the potential for a political backlash against "speculators" is ever higher now than it was in the aftermath of "Black Monday", when sterling crumbled.


Top Hedge Fund Managers Do Well in a Down Year

As major markets and economies careened downward last year, 25 top managers reaped a total of $11.6 billion in pay by trading above the pain in the markets, according to an annual ranking of top hedge fund earners by Institutional Investor's Alpha magazine, which comes out Wednesday.

James H. Simons, a former math professor who has made billions year after year for the hedge fund Renaissance Technologies, earned $2.5 billion running computer-driven trading strategies. John A. Paulson, who rode to riches by betting against the housing market, came in second with reported gains of $2 billion. And George Soros, also a perennial name on the rich list of secretive moneymakers, pulled in $1.1 billion.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Apr 12th, 2010 at 03:16:16 AM EST
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And, in America, these are considered capital gains taxed at 15%.

Whereas, a person making $50k is taxed at 30% income, 10% payroll tax (i.e. social security) and an additional 10% in property tax.

$1 billion earned at 15%
$50k taxed at 50%

This is not considered tax evasion.

by Upstate NY on Mon Apr 12th, 2010 at 10:31:33 AM EST
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The first article seems current (walled off) and the second is from March 2009, talking about profits from 2008, so Soros wasn't 'retired' yet.  

Like Templeton/Mobius, Lynch, Buffet and many others, they seem to retire at regular intervals, but still a legal business even if meets no social purpose, or responsibility except maybe gaming.  

Our knowledge has surpassed our wisdom. -Charu Saxena.

by metavision on Mon Apr 12th, 2010 at 03:54:47 PM EST
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The top 25 hedge funds guys for 2009 was published a few days ago. Soros made $3.3 billion last year:

Hedge fund managers set new payout records in 2009

(Reuters) - Seven of the world's top hedge fund managers earned 10-figure paychecks and one set a record for the highest-ever payout last year due to a stock market rally that pushed returns to their highest levels in a decade.

Together, the industry's 25 best-paid managers collected a record $25.33 billion, more than double the amount they took home in 2008 when the financial crisis left many prominent funds nursing heavy losses.


David Tepper's Appaloosa Management gained more than 130 percent on his bet that certain bank shares would recover. Tepper earned a $4 billion payout that toppled John Paulson as the industry's record payout holder. Paulson's bet that housing prices would fall earned him $3.7 billion in 2007.

Paulson, however, still made the list of top earners, ranking in fourth position with a $2.3 billion paycheck.

He followed philanthropist George Soros whose $3.3 billion put him into the No. 2 spot and James Simons who earned $2.5 billion to rank as No. 3. Simons, a former mathematics professor announced his retirement from Renaissance Technologies last year.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Mon Apr 12th, 2010 at 05:15:38 PM EST
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