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Scavenging Soros: Market Speculator Buys Up $2 Billion Of MF Global’s Debt

Becket Adams
The Blaze [1]
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 [2].

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 [3] 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.

Full article here [1]