Thread: George Soros sells all shares of Citigroup, Bank of America and JP Morgan

George Soros sells all shares of Citigroup, Bank of America and JP Morgan

May 20, 2014 9:20 PM EDT


Is this a sign of trouble ahead for the banking industry?

By John Vibes

WASHINGTON (INTELLIHUB) — Just over 2 decades ago banker George Soros made his most famous investment by shorting the British pound and pocketing a billion dollars in the process. Since then he has become famous for betting on stock market crashes and in some cases even rigging markets to fail for his own gain.
Just months ago, Soros made headlines by making a billion dollar stock bet against the S&P 500. At the time this was said to be a sign of trouble ahead for the US economy, as Soros has seemed to have had advance knowledge of market crashes in the past. As a result of this reputation, investors have begun to keep a close eye on his holdings.
This week investors took notice again when Soros sold his shares of three major American banks, including Bank of America, JP Morgan and Citigroup.
The Wall Street Journal reported that “George Soros dumped his stakes in banks and went for tech and gold miners in the first quarter, according to a filing with the Securities and Exchange Commission Thursday. Soros sold his holdings in Citigroup (NYSE:C) , J.P. Morgan (NYSE:JPM) and Bank of America (NYSE:BAC)”

In February 2009, Soros said the world financial system had effectively disintegrated, adding that there was no prospect of a near-term resolution to the crisis. “We witnessed the collapse of the financial system … It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”
(Photo: Wikimedia Commons)

http://intellihub.com/george-soros-s...ica-jp-morgan/

Here is what The Wall Street Journal said:

May 15, 2014, 6:04 p.m. EDT
Soros dumped banks, bought tech, gold miners in first quarter

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By Tom Bemis

SAN FRANCISCO (MarketWatch) -- George Soros dumped his stakes in banks and went for tech and gold miners in the first quarter, according to a filing with the Securities and Exchange Commission Thursday. Soros sold his holdings in Citigroup C +0.02% , J.P. Morgan JPM +0.79% and Bank of AmericaBAC -0.20% .

He took new stakes in RF Micro Devices RFMD +3.12% , Nuance Communications NUAN +0.32% , Marvel Technology Group MRVL -1.86% , Nokia Corp.NOK +0.13% , and Cypress SemiconductorCY +2.32% .

Soros also boosted his stake in Herbalife HLF -0.25% and took a new position in Yamana Gold AUY -0.66% and AuRico Gold AUQ +1.11% , and New Gold Inc. Cda.NGD +4.01% .

http://www.marketwatch.com/story/sor...ter-2014-05-15