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Business
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On Black Wednesday (September 16, 1992), Soros bet $10 billion that the British pound would fall. First, he sold the Italian lira short, and it proceeded to devalue. Then he made a similar move with respect to the British pound, assuming that it would decline against other currencies. In a twenty-four-hour period Soros reaped $1 billion, and he eventually made $2 billion on the deal...
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In a twenty-four-hour period Soros reaped $1 billion, and he eventually made $2 billion on the deal. Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism This risk-taking approach earned him international acclaim as he came to be known as "the Man Who Broke the Bank of England...
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