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Crispin Odey and funding Brexit

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  • 19-09-2019 4:07pm
    #1
    riffmongous
    Moderators, Society & Culture Moderators Posts: 12,785 Mod ✭✭✭✭


    Never heard of this guy before today but it seems he's a big supporter of Brexit and has made (and then lost) quite a bit of money from it.

    But how? By betting against British currency and companies. If this was sport it would be a criminal matter yet we're seeing a country make it's biggest decision in nearly a century and there's just apathy. And I've no doubt this is just the tip of the iceberg for dodgy backers, we know Rees Mogg is very shady too
    Odey made about 220 million pounds ($283 million) in a day when the British currency slumped following the decision to leave the European Union. The trade continues to cause outrage on social media, because Odey is seen as profiting from problems at home while pushing the country towards uncertainties. He lost that money in a matter of weeks as markets rallied.

    link
    A pro-Brexit hedge fund boss who has made hundreds of millions of pounds betting the pound would fall in value has donated £10,000 to Boris Johnson .

    Crispin Odey, founder of Odey Asset Management, previously gave £870,000 to the Leave campaign and made £220million overnight as sterling slumped after the 2016 referendum result.

    link 2


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    #2
    setanta1000
    Registered Users Posts: 192 ✭✭setanta1000


    riffmongous wrote: »
    Never heard of this guy before today but it seems he's a big supporter of Brexit and has made (and then lost) quite a bit of money from it.

    But how? By betting against British currency and companies. If this was sport it would be a criminal matter yet we're seeing a country make it's biggest decision in nearly a century and there's just apathy. And I've no doubt this is just the tip of the iceberg for dodgy backers, we know Rees Mogg is very shady too

    The simple answer is he made money by shorting UK securities and Sterling - ie selling them at a price knowing he could buy them back and settle the sale at less than he sold the assets for.


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    #3
    Forty Seven
    Closed Accounts Posts: 280 ✭✭Forty Seven


    George Soros is just a philanthropist........


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    #4
    Donald Trump
    Registered Users Posts: 19,857 ✭✭✭✭Donald Trump


    Sure there was a picture on the night of the referendum of Farage pointing at the graph of the currency going down with a massive grin on his face. I think there were plenty of coverage of your man soon after the referendum


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    #5
    Overheal
    Registered Users Posts: 83,509 ✭✭✭✭Overheal


    Forty Seven wrote: »
    George Soros is just a philanthropist........

    That's true.


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    #6
    riffmongous
    Moderators, Society & Culture Moderators Posts: 12,785 Mod ✭✭✭✭riffmongous


    setanta1000 wrote: »
    The simple answer is he made money by shorting UK securities and Sterling - ie selling them at a price knowing he could buy them back and settle the sale at less than he sold the assets for.

    Right, but he pushed for it to happen. If I coach a football team I can't push them to lose and bet against us


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    #7
    Donald Trump
    Registered Users Posts: 19,857 ✭✭✭✭Donald Trump


    riffmongous wrote: »
    Right, but he pushed for it to happen. If I coach a football team I can't push them to lose and bet against us




    His mate Nige conceded defeat early on on referendum night. FX jumped on the back of the expectation that there would be no Brexit. Hedge funds trusted their own polling that the result was to leave the EU. This information was made available to Farage before he made his public announcement.



    So he pushed for it to happen in order to make it happen. Just before it was announced, they tricked people into thinking it wouldn't happen -> profit!


    To use your sports analogy, you want your team to win. So you train them very hard. Then a day before the match you come out and announce that all your best players are sick and that you are certain the other team will win. Then you bet that you will win on the sly and you win the bets because everyone else believed it when you told them you would lose


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