10/24/09

Soros: Wall Street Profits Are ‘Gifts from the State’

The chorus is getting louder. Spread the word.
Soros in an interview with FT:
The big profits made by some of Wall Street’s leading banks are ‘hidden gifts’ from the state, and taxpayer resentment of such companies is ‘justified’, George Soros, the fund manager, said in an interview with the Financial Times.
‘Those earnings are not the achievement of risk-takers,’ Mr Soros said. ‘These are gifts, hidden gifts, from the government, so I don’t think that those monies should be used to pay bonuses. There’s a resentment which I think is justified.’
That would push the risk-takers who are good at taking risks out of Goldman Sachs into hedge funds, where they actually belong, because hedge funds take risks with their own capital, not with deposits and not with government guarantees.
- Via Bearish News

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