George Soros supports Regulation

Story from http://www.news.com.au/business/story/0,27753,24650136-14334,00.html

"Mr Soros, who reportedly earns more than $100,000 an hour as a hedge fund manager, said the large, high-risk hedge funds will be "decimated" by the financial crisis."

"Mr Soros urged President-elect Barack Obama to make regulating finance a priority, so all new financial products would be approved by regulators"

George Soros isprobably one of the highest paid hedge fund managers in the world. It is VERY likely that he would in fact be rewarded by NON-regulation, or loosening of controls.

However, George Soros, like Warren Buffet, is one of those people who can afford to be idealistic. He himself is advocating regulations.

It's just too dangerous leaving hedge funds and investment banks with almost unlimited power over so much of other people's money, and barely and rules, regulations or oversight from the governments!

I'm very glad that George Soros was honest enough to admit this. His freedom in constructing his own portfolios would be adversely affected, but he is man enough to say that regulation is necessary.

...

Of course, this doesn't mean I completely forgive him for what he did to Asia during the 1997 Currency Crisis. ... I lost 70% of my investment capital during that disaster! AARGH... the bad memories are coming back... The market did recover eventually though, but one thing I learnt from that... in a bear market, SELL. Don't be afraid to turn a paper loss into a real loss. What you sell today, you can buy back tomorrow. Or next month. Or next year. In fact, you don't lose anything by selling, other than your PRIDE. Well, there's a small broker's comission too, but that's rather inconsequential when the market is so volatile.