Hedge fund manager George Soros had a lot to say at a banking conference today in Southern England.
Soros on banker pay: “Regulators have the right and the duty to regulate major banks in trouble, and that includes regulation of salaries. You have to make sure rewards are commensurate of the risk.”
On the CDS market: “It’s like selling insurance to someone other than the person you are insuring and giving them a licence to shoot that person.”
On proprietary trading: Proprietary trading by investment banks should shift toward hedge funds, which is “where it belongs”, as they are systemically not too big to fail.