Billionaire who broke the Bank of England

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml" xml:lang="en" lang="en" xmlns:fb="http://www.facebook.com/2008/fbml" xmlns:og="http://opengraphprotocol.org/schema/"> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.telegraph.co.uk/finance/2773265/Billionaire-who-broke-the-Bank-of-England.html","20180406155925","https://web.archive.org/","web","/_static/", "1523030365"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" />  <script src="//web.archive.org/web/20180406155925js_/https://cdn.optimizely.com/js/1425218314.js"></script> <script type="text/javascript"> // <![CDATA[ for(var i = 0; i < optimizely["activeExperiments"].length; i++){ var expid = optimizely["activeExperiments"][i]; var experimentname = optimizely.data.experiments[expid].name; var variationname = optimizely.variationNamesMap[expid]; optimizely.$("head").prepend("<meta name=\"DCSext.opt\" content=\"" + experimentname + "-" + variationname +"\" />"); } // ]]> </script> <script type="text/javascript"> /* EPOCH time at the start of the page */ /*As IE8 doest support Date.now() functionality,using the diffrent one*/ if (!Date.now) { Date.now = function now() { return new Date().getTime(); }; } var pageStartTime = Date.now(); </script> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <title>Billionaire who broke the Bank of England - Telegraph</title> <meta name="description" content="When Britain fell so spectacularly from the Exchange Rate Mechanism, the nation needed someone to blame. Aside from the obvious targets in the Tory government, a darker arch-villain was needed. 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bucket-id="data_bar_01"> <div class="dataBar"> <div class="summaryMedium dataBarInner data4Elements"> <div class="dataBarBuck dataBarFirstBuck"> <div class="commentBarElement"> <a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/markets/ftse100/12169802/Business-leaders-EU-letter-adds-little-to-In-campaign.html"> <img src="https://web.archive.org/web/20180406155925im_/https://secure.i.telegraph.co.uk/multimedia/archive/03499/quinn_3499117a.jpg" width="90" height="85" border="0" alt=""/> </a> <h3><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/markets/ftse100/12169802/Business-leaders-EU-letter-adds-little-to-In-campaign.html">James Quinn </a></h3> <h4><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/markets/ftse100/12169802/Business-leaders-EU-letter-adds-little-to-In-campaign.html"> Business leaders' EU letter adds little to In campaign </a></h4> <div class="cl"></div> </div> </div> <div class="dataBarBuck"> <div class="commentBarElement"> <a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/electronics/12169145/Mobile-World-Congress-The-war-over-mobile-ad-blocking-has-only-just-begun.html"> <img src="https://web.archive.org/web/20180406155925im_/https://secure.i.telegraph.co.uk/multimedia/archive/02670/christopher-willia_2670913a.jpg" width="95" height="85" border="0" alt=""/> </a> <h3><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/electronics/12169145/Mobile-World-Congress-The-war-over-mobile-ad-blocking-has-only-just-begun.html">Christopher Williams</a></h3> <h4><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/electronics/12169145/Mobile-World-Congress-The-war-over-mobile-ad-blocking-has-only-just-begun.html"> The war over mobile ad-blocking has only just begun </a></h4> <div class="cl"></div> </div> </div> <div class="dataBarBuck"> <div class="commentBarElement"> <a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168675/Staying-in-the-EU-would-see-the-UK-facing-up-to-economic-domination.html"> <img src="https://web.archive.org/web/20180406155925im_/https://secure.i.telegraph.co.uk/multimedia/archive/02574/Andrew-lilico_2574277a.jpg" width="85" height="90" border="0" alt=""/> </a> <h3><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168675/Staying-in-the-EU-would-see-the-UK-facing-up-to-economic-domination.html">Andrew Lilico</a></h3> <h4><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168675/Staying-in-the-EU-would-see-the-UK-facing-up-to-economic-domination.html"> Staying in the EU would see the UK facing up to economic domination </a></h4> <div class="cl"></div> </div> </div> <div class="dataBarBuck dataBarBuckLast"> <div class="commentBarElement"> <a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168909/Get-ready-to-be-showered-by-helicopter-money.html"> <img src="https://web.archive.org/web/20180406155925im_/https://secure.i.telegraph.co.uk/multimedia/archive/02968/lynn_2968531a.jpg" width="90" height="85" border="0" alt="Matthew Lynn"/> </a> <h3><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168909/Get-ready-to-be-showered-by-helicopter-money.html">Matthew Lynn</a></h3> <h4><a href="https://web.archive.org/web/20180406155925/https://www.telegraph.co.uk/finance/economics/12168909/Get-ready-to-be-showered-by-helicopter-money.html"> Get ready to be showered by helicopter money </a></h4> <div class="cl"></div> </div> </div> <div class="cl"></div> </div> </div> </div> <div class="twoThirdsThird2 gutterUnder"> <div class="twoThirds gutter"> <script type="text/javascript" src="/web/20180406155925js_/https://www.telegraph.co.uk/template/ver1-0/js/jquery-ui.js"></script> <script type="text/javascript" src="/web/20180406155925js_/https://www.telegraph.co.uk/template/ver1-0/js/jquery.multiselect.js"></script> <div class="storyHead"> <h1 itemprop="headline name">Billionaire who broke the Bank of England</h1>   </div> <div class="oneHalf gutter"> <div class="story"> <div id="storyEmbSlide"> <div class="slideshow ssMain"> <div class="nextPrevLayer"> <div class="ssImg"> <img src="https://web.archive.org/web/20180406155925im_/https://secure.i.telegraph.co.uk/multimedia/archive/00861/money-graphics-2002_861932a.jpg" width="170" height="146" alt="" itemprop="image"/> <div class="artImageExtras"> <div class="ingCaptionCredit"> <span class="caption">George Soros: arch villain of Black Wednesday</span> </div> </div> </div> </div> </div> </div> <div class="cl"> </div> <div class="byline"> <div> <p class="bylineBody"><span itemprop="author"> By David Litterick</span></p> </div> <p class="publishedDate">12:01AM BST 13 Sep 2002</p> <meta itemprop="datePublished" content="2002-09-13"/><div class="cl"> </div> </div> <div id="mainBodyArea" itemprop="articleBody"> <div class="firstPar"><p>When Britain fell so spectacularly from the Exchange Rate Mechanism, the nation needed someone to blame. Aside from the obvious targets in the Tory government, a darker arch-villain was needed. George Soros fitted the bill perfectly.</p></div><div class="secondPar"><p>Then a little-known financier whose fame stretched no further than the City, he was soon to become a household name as "The man who broke the Bank of England".</p></div><div class="thirdPar"><p>Mr Soros, 71, was born in Hungary but emigrated to Britain when he was 17, after the end of the Second World War.</p></div><div class="fourthPar"><p>He studied philosophy at the London School of Economics with Karl Popper, whose views on the need for open, tolerant and market-driven societies as a precursor of economic growth he adopted as his own.</p></div><div class="fifthPar"><p>Mr Soros joined Singer and Friedlander, London bankers, before moving to Wall Street to continue his financial career in 1956. He later set up the now famous Quantum Fund as one of the world's first hedge funds. It took money from rich individuals and invested in risky but potentially highly profitable international deals.</p></div><div id="tmg-related-links" class=" related_links_inline"> <div class="headerOne styleThree"><h2><span>Related Articles</span></h2></div> <ul> <li class="bullet"> <p> <a href="/web/20180406155925/https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2002/09/13/cnwed13.xml">Ministers caught in a maelstrom as the pound plunged through floor</a> </p> <span class="relContDate">13 Sep 2002</span> </li> </ul> </div> <div class="body"><p>It did very well out of the collapse of fixed exchange rates in the 1970s and the deregulation of global capital markets. By 1980, Soros himself was worth more than 拢16.5 million and his fund 拢67 million. The stage was set for his intervention in the ERM.</p><p>As early as spring 1992, Mr Soros had decided that the pound would have to be devalued because it had been pushed into the ERM at too high a rate.</p><p>He knew that the Bundesbank favoured a devaluation of both sterling and the Italian lira and believed it would have to happen because of the disastrous impact that high British interest rates were having on asset prices.</p><p>Mr Soros spent the next few months building up a position from which he would profit from that devalutaion. He borrowed sterling heavily, reportedly to the tune of 拢6.5 billion, and converted that into a mixture of Deutschmarks and French francs.</p><p>On Black Wednesday, Mr Soros's bet paid off. In the following days, he unwound his positions, paying back his original borrowings and ending with a profit of around 拢1 billion. As a parallel play, Mr Soros bought as much as 拢350 million of British shares at the same time, gambling that equities often rise after a currency devalues.</p><p>He admitted that his actions had benefited no one but himself and, at the time, claimed that the only thing that could save Britain was a common single currency - a view he continues to hold. Mr Soros has since proved that he can lose heavily, too.</p><p>The 1987 crash cost him 拢530 million when he bet that the Tokyo stock market would be the first to go. He remains hugely wealthy and a believer in market deregulation.</p><p>He is rumoured to have given away almost 拢200 million, partly through his Soros Foundation to support democracy in Russia and Eastern Europe.</p></div><div class="cl"></div> </div> </div><div class="isaSeason"> <div bucket-id="article_commercial_isa_01"> <script type="text/javascript"> var optaTeamLinkingCallback = function () { var teamMapping = { "team-3": "arsenal", "team-7": "aston-villa", "team-57": "watford", "team-8": "chelsea", "team-31": "crystal-palace", "team-11": "everton", "team-45": "norwich-city", "team-13": "leicester-city", "team-14": "liverpool", "team-43": "manchester-city", "team-1": "manchester-united", "team-4": "newcastle-united", "team-91": "bournemouth", "team-20": "southampton", "team-110": "stoke-city", "team-56": "sunderland", "team-80": "swansea-city", "team-6": "tottenham-hotspur", "team-35": "west-bromwich-albion", "team-21": "west-ham" }; var rugbyTeamMapping = { "team-800": "argentina", "team-100": "australia", "team-953": "canada", "team-550": "england", "team-954": "fiji", "team-650": "france", "team-2850": "georgia", "team-600": "ireland", "team-952": "italy", "team-3000": "japan", "team-2900": "namibia", "team-850": "newzealand", "team-951": "romania", "team-950": "samoa", "team-700": "scotland", "team-900": "southafrica", "team-750": "tonga", "team-2800": "uruguay", "team-2950": "usa", "team-500": "wales" }; 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Billionaire who broke the Bank of England - Telegraph