Scavenging Soros: $2 Billion European Bonds!!
Billionaire market speculator and philanthropist George Soros bought $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 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. A spokesman for Soros declined to give details about the company's positions. "While our firm is always in the market, we have a policy of not disclosing details of our positions," the spokesman told the Wall Street Journal. KPMG told the Journal that the overwhelming majority of the European sovereign debt portfolio was liquidated by LCH before the second week in November, reports CNBC.