Behind every billionaire there is a story!

Soros predicts hedge fund horror in ‘worst financial crisis since the 1930s’

Billionaire investor George Soros yesterday warned that hedge funds will be ‘decimated’ in what he described as the ‘worst financial crisis since the 1930s’, writes Rupert Steiner.

He was giving evidence at an American Congressional hearing which is probing the hedge fund industry to see if it is a threat to the global financial system.

Hedge funds use a range of complex strategies to invest sums for wealthy individuals and pension funds.

Soros was among a group of five hedge fund managers to appear at the hearing examining hedge funds’ huge investments and the effect they have had on the global financial system.

He said: ‘The bubble has now burst and hedge funds will be decimated. ‘It has to be recognised that hedge funds were an integral part of the bubble.’

Soros has long held controversial views on the way the markets are regulated.
He was appearing at Washington’s House of Representatives Committee on Oversight and Government.

The committee’s powerful chairman Henry Waxman called Soros, John Paulson, Philip Falcone, James Simons and Kenneth Griffin to testify because they

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