Saturday, October 24, 2009

Soros Calls Wall Street Profits a Gift From the State

Wow, George Soros must be really pissed he is not in on the latest looting of the people.

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”, Soros said in an interview with FT. “Those earnings are not the achievement of risk-takers,” 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.”

Soros did not comment on the near billion dollars he invested in Petroleo Brasileiro, that was magically followed by the Obama administration announcement that it will provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast.

1 comment:

  1. I agree Robert - talk about the pot calling the kettle black. Soros missed this gravy train but he's benefitted in the past from "gift(s) from the state." And he is working hard to catch the next state-funded gravy train via investments in politically connected energy comnpanies.

    Soros has an interesting view of the stock market vs the economy: "Mr Soros said that he thought the rally in the US stock market would continue for the rest of the year. But he warned that “the hope of a rapid recovery in the US is misplaced”.

    What do you thnk Robert - does Soros have any insight on these issues?