Wednesday, 17 September 2014
Last updated 3 hours ago
Sep 23 2013 | 10:12am ET
Stanley Druckenmiller has been anything but reticent about speaking his mind in retirement, and last week took aim at the Federal Reserve's failure to begin cutting back on its economic stimulus program.
The Duquesne Capital Management founder told CNBC that the decision not to taper its $85 billion-a-month bond-buying program was in effect a massive regressive wealth-distribution policy.
"This is fantastic for every rich person," Druckenmiller said. "This is the biggest redistribution of wealth from the middle class and the poor to the rich ever."
"Who owns the assets? The rich, the billionaires," Druckenmiller, himself worth about $2 billion, said. "You think Warren Buffett hates this stuff? You think I hate this stuff? I had a very good day yesterday."
Despite his own personal profits, Druckenmiller warned that continued quantitative easing won't solve the U.S.'s economic problems.
"Maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work," he said. "But it hasn't worked for five years."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The London Whale saga is a twist on the typical rogue trader story as the rogue trader recognized the error of his ways and was prepared to take his medicine but was instructed by superiors to “defe...