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Financial Crisis Has ‘Only Entered Act II:’ Soros

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Barbara Stcherbatcheff
CNBC
June 11, 2010

The financial crisis is far from over, and regulators need to crack down on investors’ tendency to misuse derivatives, global financier George Soros said at a conference in Vienna.

“We have just entered Act Two of the drama… when the financial markets started losing confidence in the credibility of sovereign debt,” he said.

Soros is founder and chairman of the Open Society Institute, and chairman of Soros Fund Management.

He is ranked No. 35 on Forbes 2010 “Rich List,” with net assets of approximately $14 billion.

His recommendations for escaping the global crisis place a great deal of responsibility on regulators. “Regulators ignored systemic risks. The positions of all market participants – hedge funds and sovereign wealth funds – need to be monitored.”

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This article was posted: Friday, June 11, 2010 at 4:23 am





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