megimoo
03-19-2009, 05:51 PM
Soros, Dell Join Flowers in Purchase of IndyMac
"Soros wanted IndyMac so Senator Charlie the Smuck Schumer Caused a 'run' on it !"
IndyMac: Mini Bank Run, Thanks to Schumer
IndyMac Bancorp, Inc. felt the pain of a mini bank run this past week, thanks to a leaked letter from New York Senator Charles Schumer that questioned the bank’s solvency and led to widespread press coverage last week, the Pasadena-based thrift said in a filing with the Securities and Exchange Commission late Monday.
“As a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about 1/2 of 1% of total deposits,” the bank said.
http://www.housingwire.com/2008/07/01/indymac-mini-bank-run-thanks-to-schumer/
WASHINGTON -- The Federal Deposit Insurance Corp. reached a preliminary agreement to sell the remains of IndyMac Bank -- one of the biggest bank failures in U.S. history -- to a team of high-profile investors, suggesting there is private money willing to invest in troubled banks if the government agrees to shoulder heavy losses. Bloomberg News/Landov Christopher Flowers The investment team, which includes affiliates of private-equity chieftain Christopher Flowers, hedge-fund investors George Soros and John Paulson, and computer mogul Michael Dell, will contribute $1.3 billion in capital toward a purchase of IndyMac Federal Bank. The investor group and the government...
...........................................
George Soros
Born August 12, 1930 (1930-08-12) (age 78)
Budapest, Hungary
Occupation Entrepreneur, Currency Trader, investor, philosopher, philanthropist, political activist
Net worth ▲ $11.0 billion (Forbes)
Spouse(s) Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children Robert, Andrea, Jonathan, Alexander, Gregory
Website
www.georgesoros.com
George Soros (pronounced /sros/ or /srs/, Hungarian IPA: (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is an American currency speculator, stock investor, businessman, philanthropist, and political activist.
Soros is estimated currently[update] to be worth around $11.0 billion in net worth; he is ranked by Forbes as the 29th-richest person in the United States.
Soros is chairman of Soros Fund Management and the Open Society Institute and is also a former member of the Board of Directors of the Council on Foreign Relations. He is also one of three initial funders of Center for American Progress, and is represented on the board.[4] His funding and organization of Georgia's Rose Revolution was considered by Russian and Western observers to have been crucial to its success, although Soros said his role has been greatly exaggerated. In the United States, he is known for having donated large sums of money in a failed effort to defeat President George W. Bush's bid for re-election in 2004.
.............................................
Currency speculation
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."
The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
According to Steven Drobny,[15] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts.
In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member.
.....................................
Bio:John Paulson
John Paulson reaps billions from the financial crisis
With the plunge in the markets, the hedge fund industry has gone into a tailspin. Even top hedge fund managers -- such as Citadel Kenneth Griffin, Paul Tudor Jones, Steven Cohen and so on -- are having troubles. In fact, there's talk of hedge fund failures, consolidation, and increased regulation. For example, hedge funds may lose 15% of overall assets by the end of 2008. Keep in mind that the average hedge fund is down a stunning 18% this year.
Yet, there are some wily hedge fund managers that are striking fortunes. Perhaps the most notable is John Paulson, who manages Paulson & Co. His fund scored $15 billion in gains last year. Basically, he shorted a variety of complex mortgage securities.
Interesting enough, Paulson's hot hand has continued. That is, his funds have seen increases of 15% to 25% so far this year.
In fact, if he can maintain this pace, Paulson will have personally amassed a $3.5 billion over the past two years.
Oh, and Paulson has 70% of his assets in cash right now. In other words, when the markets settle, he'll be a nice position to capitalize on things -- and make even more money for himself.
......................................
"Soros wanted IndyMac so Senator Charlie the Smuck Schumer Caused a 'run' on it !"
IndyMac: Mini Bank Run, Thanks to Schumer
IndyMac Bancorp, Inc. felt the pain of a mini bank run this past week, thanks to a leaked letter from New York Senator Charles Schumer that questioned the bank’s solvency and led to widespread press coverage last week, the Pasadena-based thrift said in a filing with the Securities and Exchange Commission late Monday.
“As a result of Sen. Schumer making his letters public and the resulting press coverage, we did experience elevated customer inquiries and withdrawals in our branch network last Friday and on Saturday of roughly $100 million, about 1/2 of 1% of total deposits,” the bank said.
http://www.housingwire.com/2008/07/01/indymac-mini-bank-run-thanks-to-schumer/
WASHINGTON -- The Federal Deposit Insurance Corp. reached a preliminary agreement to sell the remains of IndyMac Bank -- one of the biggest bank failures in U.S. history -- to a team of high-profile investors, suggesting there is private money willing to invest in troubled banks if the government agrees to shoulder heavy losses. Bloomberg News/Landov Christopher Flowers The investment team, which includes affiliates of private-equity chieftain Christopher Flowers, hedge-fund investors George Soros and John Paulson, and computer mogul Michael Dell, will contribute $1.3 billion in capital toward a purchase of IndyMac Federal Bank. The investor group and the government...
...........................................
George Soros
Born August 12, 1930 (1930-08-12) (age 78)
Budapest, Hungary
Occupation Entrepreneur, Currency Trader, investor, philosopher, philanthropist, political activist
Net worth ▲ $11.0 billion (Forbes)
Spouse(s) Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children Robert, Andrea, Jonathan, Alexander, Gregory
Website
www.georgesoros.com
George Soros (pronounced /sros/ or /srs/, Hungarian IPA: (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is an American currency speculator, stock investor, businessman, philanthropist, and political activist.
Soros is estimated currently[update] to be worth around $11.0 billion in net worth; he is ranked by Forbes as the 29th-richest person in the United States.
Soros is chairman of Soros Fund Management and the Open Society Institute and is also a former member of the Board of Directors of the Council on Foreign Relations. He is also one of three initial funders of Center for American Progress, and is represented on the board.[4] His funding and organization of Georgia's Rose Revolution was considered by Russian and Western observers to have been crucial to its success, although Soros said his role has been greatly exaggerated. In the United States, he is known for having donated large sums of money in a failed effort to defeat President George W. Bush's bid for re-election in 2004.
.............................................
Currency speculation
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."
The Times of Monday, October 26, 1992, quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."
According to Steven Drobny,[15] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts.
In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member.
.....................................
Bio:John Paulson
John Paulson reaps billions from the financial crisis
With the plunge in the markets, the hedge fund industry has gone into a tailspin. Even top hedge fund managers -- such as Citadel Kenneth Griffin, Paul Tudor Jones, Steven Cohen and so on -- are having troubles. In fact, there's talk of hedge fund failures, consolidation, and increased regulation. For example, hedge funds may lose 15% of overall assets by the end of 2008. Keep in mind that the average hedge fund is down a stunning 18% this year.
Yet, there are some wily hedge fund managers that are striking fortunes. Perhaps the most notable is John Paulson, who manages Paulson & Co. His fund scored $15 billion in gains last year. Basically, he shorted a variety of complex mortgage securities.
Interesting enough, Paulson's hot hand has continued. That is, his funds have seen increases of 15% to 25% so far this year.
In fact, if he can maintain this pace, Paulson will have personally amassed a $3.5 billion over the past two years.
Oh, and Paulson has 70% of his assets in cash right now. In other words, when the markets settle, he'll be a nice position to capitalize on things -- and make even more money for himself.
......................................