Derivatives: Darth Vader's Revenge Message Board

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Non-Tech : Derivatives: Darth Vader's Revenge

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To: Worswick who wrote (97)	9/17/1998 9:48:00 AM
From: Henry Volquardsen	Read Replies (2) of 2794

Clark, Take Soros's pontifications with a grain of salt. He has a wonderful ability to talk his own book while appearing statesmanlike. Remember about a month or more ago he was writing letters to the Financial Times about how the west needed to move swiftly to prevent a Russian default. A couple of weeks later we get the default and guess who losses $2 bln...Soros. In fact at this stage he appears to have been the largest single loser in Russia, exceeding the banks to which he was offering his sage advice. Who was he trying to get the west to come to the rescue of, Russia or his fund? This is not the first instance in which Mr Soros's advice to the world would curiously enough benefit his own position. Yes the Russian defaults created a shock to the banking system. But they seem to be weathering it pretty well. There were no dislocations of the payment system and no cascading of risk. People knew pretty quickly what their risk was and how bad they got hurt. I'm not trying to minimize any of the current risks to the system but be careful of taking to much of what Mr Soros says on face value. He has his own agenda. Henry

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