With the release of the Volcker rule, the Dodd-Frank Act’s regulatory overhaul is largely complete, giving banks a new degree of certainty about the limits of their business in the wake of the 2008 credit crisis.
Hedge-fund billionaires are envied and hated, demonized and mocked. Their outlandish behavior hasn’t done much for their image, as Sebastian Mallaby shows in “More Money Than God,” a history of the alpha males who play the alpha game.
John Paulson, founder of Paulson & Co., one of the world’s largest hedge funds, has close-cut black hair, dark eyes and a soft voice. There’s a fuss when he arrives, befitting a man who made one of the biggest fortunes in Wall Street history, as his general counsel and PR consultant jostle for seats next to him.
Money can be dull. There are only so many denominations, and only so many ways to make it. What’s interesting are the people who risk it, and over the past four decades no one has made more of a spectacle of risk than George Soros, whose Quantum fund famously bet $10 billion that the Bank of England would be forced to devalue the pound. Soros earned $1 billion on that trade and incalculable legend points.
Raghuram G. Rajan ’s “Fault Lines,” a look at why the financial order is prone to blowing bubbles, won the Financial Times and Goldman Sachs Business Book of the Year Award , defeating Andrew Ross Sorkin and other authors on the financial crisis.
George Soros, the billionaire best known for breaking the Bank of England, is returning money to outside investors in his $25.5 billion firm, ending a career as hedge-fund manager that spanned more than four decades.