Money Grabbing George Soros Bets €100m Against EU Bank

Multi-billionaire George Soros has taken out a cruel €100 million bet that a major European bank will collapse in the coming weeks.  Soros took a short position of 0.51 per cent in Deutsche Bank shares on Friday, following Thursday’s Brexit vote. Express.co.uk reports: In growing signs that desperate Angela Merkel’s economy is struggling in the wake of the nation’s decision to leave the EU – Soros Fund Management said its short position was now 0.46 per cent – suggesting it had begun to take profits from the trade. Since the momentous decision, shares at Deutsche have dramatically slumped. At one point, shares were down by more than 13 per cent compared with Friday’s high point. By early on Tuesday afternoon, they were down by 7.9 per cent from that level. Marshall Wace, a British hedge fund, also took a big bet against Deutsche Bank. Banks across Europe have been left battered by Britain’s decision to turn its back on Brussels in a historic referendum on June 23, but Deutsche Bank is especially troubled. The bank, which is undergoing a deep restructuring, has been hamstrung by the fallout from the financial crisis, posting a record loss of €6.8billion in 2015. Around a year [...]