Soros Sells Out Banking Stakes

Soros Fund Management LLC sold out of holdings in several banking giants in the first quarter, including J.P. Morgan Chase&Co., Bank of America and Citigroup, as it reported by Wall Street Journal. The exits come only a quarter after the fund had purchased stakes in J.P. Morgan and Citi (2.8 and 2.3 million shares). The prominent fund also eliminated its stakes in Alcoa and J.C. Penney, and decreased its stakes in Liberty Global, Zynga, Microsoft and General Motors. The fund’s move with General Motors follows a hard quarter for the car maker, while the decreased stake in Microsoft comes just two quarters after the fund had increased its stake significantly.
Comment: When you want to know how close the US and the global community are to collapse, just watch the rich and what they are doing. Especially if it is such a financial guru and world money speculator like billionaire George Soros. Warnings from forecasters, stock market experts, handicappers have been in the news steadily, yet most are moving along like sheep without a clue. But after the creation of social MMM financial-net technology all this seems like an old fashioned mess.