Did Truss-supporting bankers make fortunes ‘shorting’ the pound? Insider dealing?

Last Updated: September 25, 2022By Tags: , , , , , , , , , , ,

Easy money: it’s not quite a backhander for bankers who supported Liz Truss to have made fortunes “shorting” the pound in anticipation of its fall during and after Kwasi Kwarteng’s financial statement.

It is being reported that

Liz Truss-supporting investors made “small fortunes” as the value of the pound plummeted following the radical Conservative budget announced on Friday.

This is deeply concerning because it suggests corruption – that these businesspeople who helped Truss become prime minister may have been given knowledge of what Kwasi Kwarteng was going to say and advised to bet that the value of the pound would drop (also known as “shorting”).

An anonymous source quoted in the Sunday Times told the paper they had attended a dinner with hedge-fund managers who were said to have won big betting against the pound last week.

They were quoted as saying: “They were all supporters of Truss and every one of them was shorting the pound.”

The paper added: “Several made small fortunes on Friday betting against the currency.”

Seems straightforward enough, doesn’t it? Well…

Responding to speculation the traders were given insider knowledge of the budget before it was announced – which would be illegal if it were used for their financial gain – Tim Shipman, who co-authored the piece, said: “It’s not fraud, it’s just a bunch of city people having a view and betting on it. It wasn’t a Tory dinner where the mysteries of the budget were secretly conveyed over the canapes.”

Do you believe it?

A lot of people made a lot of money and they were all Tory-supporting backers of Liz Truss, but it was entirely innocent?

Some people have doubts:


What do you think happened?

Source: Liz Truss City backers ‘made small fortunes betting against plunging pound’, report claims

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.


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One Comment

  1. Jeffrey Davies September 26, 2022 at 5:20 am - Reply

    Corruption don’t be stupid they all at it and traitors gate needs reopened to these greedie ones

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