December 12, 2011
Billionaire market speculator and philanthropist George Soros bought about $2 billion worth of European bonds from now-bankrupt MF Global — the same debt that pushed the firm to collapse, according to The Wall Street Journal.
When MF Global filed for bankruptcy, the firm sold part of the bonds but still had about $4.8 billion worth of them on its books, CNBC reports.
They were turned over to KPMG, MF Global’s bankruptcy administrator in London; they were then offered to big investors by MF Global’s London clearing house, LCH Clearnet, the Journal said, quoting a KPMG spokeswoman.
When KPMG offered the bankrupts firm’s European debt to a variety of big investors, most of them passed. However, they were able to find one investor willing to buy the bonds at rock-bottom prices: George Soros.
This article was posted: Monday, December 12, 2011 at 4:35 am