The man who broke the Bank of England

Schwartz György was born on August 12, 1930 in Budapest, Hungary. In 1936 his birth name changed from Schwartz to Soros as part of the plan drawn up by Soros’ father, Tivadar Soros, for the concealment of their identities in the face of the extermination of Hungarian Jews by Nazi Germany.
Soros emigrated to Switzerland in 1946 escaping the Soviet occupation, in 1947 emigrated to England. I work in different trades at the same time I studied at the School of Economics and Political Science in London. He graduated in Philosophy in 1952.

His financial career began in 1954 working as an employee for the London business bank, Singer & Friedlander.

In 1969, after working in different financial companies, he founded the Soros Fund Management company dedicated to the management of hedge funds. The firm has generated more than 40 billion dollars in profits since it was created.

In 1973 he founded the Quantum Fund, currently managed by his children, it is constituted as his main route of operation.

Its jump to the international fame happened in 1992 when selling in short the amount of 10 billion in pound sterling, its bet against the currency of the united kingdom it reported a profit of 1 billion dollars, for this reason, it is also famous for holding the record of being the first person to get the highest profit in a single day.

The success of its sale in short began to be mentioned in the whole world and George Soros was baptized like “the man who broke the Bank of England”.

On September 16, 1992, as a result of this operation, the UK government was forced to withdraw the pound sterling from the European exchange mechanism by being unable to stay above the agreed lower limit.

The fateful event is remembered in politics and economy as the “Black Wednesday”.

Stanley Druckenmiller

He made a profit of 1 billion dollars by betting on the German mark
He was born on June 14, 1953 in Pittsburgh, Pennsylvania, United States. He grew up with his middle-class family in the suburbs of Philadelphia.

Towards the end of 1980, the German mark suffered constant depreciation due to the serious political and social complications surrounding the negotiation for German reunification.
Druckenmiller carefully observed the situation of the German mark and understood that the German currency was undervalued, at that moment he saw that there was an opportunity to buy.
At first, Druckenmiller executed a long position in German marks for a millionaire sum, then Soros made him increase the purchase in 2000 million Deutschmarks. This operation reported a 60% profit to the Quantum Fund.

Andrew Krieger

Krieger against the kiwi.
After graduating from the Wharton School of Business (University of Pennsylvania), in 1986 he started working at Salomon Brothers for a short period of time before joining the Bankers Trust company.

His reputation as a businessman grew rapidly, this increased confidence in Krieger, as a reward the company granted an increase to its capital limit in $ 700 million dollars. A figure considerably higher than the $ 50 million dollar capital limit standard.

His new bankroll allowed him to generate a large profit on October 19, 1987 (Black Monday).
After the global panic unleashed by the collapse of financial markets, Krieger puts his attention on the New Zealand dollar (NZD), colloquially called “kiwi”, believes that it is overvalued and there is a short sale opportunity.

It uses its new capital limit and a leverage of 400: 1 to launch a strong short sale operation, higher than New Zealand’s money supply. The operation reported a profit of 300 million dollars for Bankers Trust.

A year later Krieger leaves the company disgusted after receiving a bonus of just 3 million dollars for the gains he got from Black Monday.


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