George Soros launched a coordinated attack on the Bank of England and effectively stole billions of dollars
Question:
George Soros launched a coordinated attack on the Bank of England and effectively stole billions of dollars from the British public, LTCM took on irresponsibly high levels of leverage and nearly caused a global financial crisis, and Paul Singer arguably held the government of Argentina hostage and seized a ship of the Argentine Navy. But none of these actions were illegal.
Hedge funds have the freedom to pursue their own personal greed, which can be very damaging, and yet, they have no responsibilities to society. But why do we, as a society, allow hedge funds to existing? What is the moral justification for why hedge funds exist?
Question:
1) How might hedge funds benefit society, and is it likely that these benefits outweigh the costs?
Macroeconomics Principles, Applications, and Tools
ISBN: 978-0132555234
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez