Tuesday, April 15, 2008

George Soros Kisses Ambanis' Ass

I've written about the Ambani fued before and now the US's George Soros is puckering up to the two brothers. Knowing Soros as I do, he is making a overture to one or the other brother in order to get involved in their fortunes. Since the rest of the world is going to financial hell, Soros needs to put his client's money in areas of the world that are producing high returns. Where better than India?

"The most spectacular has been the rise of the Ambani brothers. When their father (Dhirubhai Ambani), the founder of Reliance Industries, died, the brothers divided his empire among them and are now trying to outdo each other," Soros said. (Translation: the little shits took daddy's money and are now acting like spoiled children) "Mukesh Ambani is using the cash flow from its oil and gas business to set up Reliance Retail, bringing food directly from the grower to the consumer," Soros noted, (Translation: Mukesh is selling you expensive oil and using the profits to set up a food business to take profits from the middlemen) while Soros termed it as a "bold project that seeks to cut the differential between consumer and producer prices by more than half". (Translation: Mukesh is about destroying the competition and roasting marshmallows in its flames - I need to know this guy)

Soros is responsible for Black Wednesday (September 16, 1992), and became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.

Allowing this clown to play in the Indian market is a mistake. While I am a believer in free and open markets, we shouldn't allow the crooks to participate. Worse, the man is currently predicting world gloom and doom but his predictions are as bad as Mini-j's love life. Bad timing and bad results. His predictions are designed to create controversy and sell his books. In 1998, (right before his latest book came out) he predicted the same and yet the world enjoyed another 3 years of prosperity effectively giving India it's place on the world stage due to India's help in the y2k crisis.

I called Soros the other day to ask him about his love affair with the Ambani's. He claims he sticking to his old strategy of kissing ass until he can kick it. He believes that the Ambani's actually are riding on the old man's coat tails and haven't yet made their own fortunes. If he has it his way, he'll be an advisor to both Ambani's and profit from the arbitrage opportunities. What a guy!
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