Let me count the ways George Soros, hedge fund billionaire, has become enriched through his trading "strategies".
Years ago, he broke the Bank of England by wagering against the British pound, pressuring it in such a way that England had to devalue their currency - his first billion-dollar payday. Various ploys over the years enriched him further. Then he made billions by wagering that the housing and mortgage markets would collapse in America - a multi-billion dollar payoff again.
Now he is up to his old tricks again: working with other hedge funds to force the European currency to crack:
Some heavyweight hedge funds have launched large bearish bets against the euro in moves that are reminiscent of the trading action at the height of the U.S. financial crisis.
The big bets are emerging amid gatherings such as an exclusive "idea dinner" earlier this month that included hedge-fund titans SAC Capital Advisors LP and Soros Fund Management LLC. During the dinner, hosted by a boutique investment bank at a private townhouse in Manhattan, a small group of all-star hedge-fund managers argued that the euro is likely to fall to "parity"-or equal on an exchange basis-with the dollar, people close to the situation say.
This is an opportunity...to make a lot of money," says Hans Hufschmid, a former senior Salomon Brothers executive who now runs GlobeOp Financial Services SA, a hedge-fund administrator in London and New York.
It is impossible to calculate the precise effect of the elite traders' bearish bets, but they have added to the selling pressure on the currency-and thus to the pressure on the European Union to stem the Greek debt crisis.
These types of moves exacerbate problems with financial markets and the turmoil that results may enrich speculators and hedge fund managers, but bring misery to millions of people.
Democrats have been major beneficiaries of hedge fund managers making donations to the party and to its politicians. Senator Chris Dodd was the number one beneficiary of their largess until Barack Obama emerged as a presidential candidate; Obama then became the "hedge fund candidate."
We heard a great deal in the campaign about the need to regulate hedge funds, but very little has been accomplished. There has been no requirement that hedge funds domiciled overseas (as is Soros's) reveal their investors. The huge leverage hedge funds can assume is still a problem. Chris Dodd could have acted as the chairman of the House Banking Committee but he has taken a pass. He is the Senator from Connecticut, where many hedge funds have offices and many managers live the good life there. Dodd is on his way out. Here is one wager I would like to make: he will be well-compensated in future years from hedge funds.
The Democratic Party preaches it is for the little guy and bashes Wall Street and bankers mercilessly. Yet, they remain silent on the machinations of their patron saint, George Soros. He funds think tanks galore. He created the Center for American Progress - Obama's think-tank and hiring hall. The CAP is an adjunct of the Democratic party, peddling its ideas throughout the media landscape.
Soros has an empire of 527 groups he uses to elect Democrats and promote their policies. He is the top contributor to such shadowy groups and his political allies (Peter Lewis, Herb and Marion Sandler) assist him in funding.. Soros was an early and ardent supporter of Barack Obama, even using a loophole in federal campaign loans to exceed normal limits on donations.
Yet, Soros has no compunction about bringing misery to millions of people - the same people the Democrats tout they are helping. They have no problem accepting money and support from George Soros. They also have no compunction and are notably short in the morality department, too.
Let's call it for what it is: liberal hypocrisy.