While addressing the European Parliament in Brussels, George Soros hinted at the negative effects of Britain’s exit from the European Union. Soros told the EU Parliament that the Brexit has fueled a crisis in the financial market similar to the one experienced between 2007 and 2008. According to the billionaire, the action by Britain could reinforce the inflammatory trends that were already building up slowly.
He added that the current unfolding of events in the European Union will act as a test to the European’s banking industry that has not yet gained its feet following the global financial crisis. George Soros questioned the political and ideological factors that have hindered efforts to streamline the financial market in the continent.
Following the exit, the pound has plunged drastically with Scotland threatening to detach. Those who supported the move have realized the bleak economic future of the country and its citizens. He urged the EU leaders to recognize their own mistakes and design measures to counteract the effects of Brexit.
About George Soros
George Soros is widely known as one of the smartest hedge fund investors of all time. He gained international recognition in 1992 when he risked $10 billion on a currency speculation on British pound. Within 24 hours, his trade generated over $1 billion profit. As a result, George Soros was famously known as the man who broke the Bank of England. While at Quantum Fund, he generated over 30% of returns in excess cruising the peak at the world market in the process.
George is the founder and former Chief Executive Officer at Soros Fund Management, one of the largest and most monitored hedge funds in the world. The fund currently has over $4.5 billion of assets under its management meaning it has a great impact in the global market. Soros set up the hedge fund in 1973 after working in many firms. The fund has grown to become a multi-billion dollar company with numerous portfolios. By the end of September 2015, Soros, who is 85 years old, was listed as the 21st richest man in the world with a net worth of $26 billion.
George Soros was born in Hungary in 1930. He moved to England during the Nazi invasion in his country in 1947 and studied at the London School of Economics. He later went to New York in 1956 and took several jobs in Wall Street brokerage firms before starting his own company. Besides business, he is a towering figure in philanthropy and an author of several books. He is also an active contributor to political campaigns of many aspirants, especially the Democratic presidential nominees. George Soros is a family man with five children. He is currently married to Tamiko Bolton.