Jon doesn’t remember where the money went, but Corzine’s Loss May Be Soros’s Gain
Investor Places Big Bet on Euro Debt, Buying MF Global Former Holdings
Investor George Soros’s family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the very debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter.
The 81-year old investor, together with his investment team at Soros Fund Management, purchased the bonds for below the market price at the time, in a transaction involving JP Morgan Chase & Co., according to these people. Other large investors also bought some of these European bonds once held by MF Global, according to people close to the matter. A spokeswoman for J.P. Morgan declined to comment.
Mr. Soros’s firm still holds the majority of the positions it acquired, the people said.
Sounds like a bailout in the making…