Tag Archives: Crispin Odey

While others suffer, this friend of Boris Johnson has made a fortune from the coronavirus

Crispin Odey: This supporter of Boris Johnson bet that coronavirus would crash the stock markets – he is profiting from your misery.

Hedge fund tycoon Crispin Odey has made £115 million from betting on a stock market crash due to the coronavirus.

He told the Mail on Sunday he predicted a crash, and has spent the last three weeks cashing in on it.

What a charmer.

He’s the Brexit supporter who reportedly wagered £300 million on a post-Brexit crash.

Some have said that he lost out because the markets hardly blinked when the UK Brexited at the end of January.

But the real hit is yet to come and we won’t know whether he was right until the transition period closes at the end of 2020.

How do you feel about the fact that this tycoon is picking up a pretty penny because of others’ misfortune?

Source: Hedge fund tycoon Crispin Odey makes £115million from this month’s coronavirus stock market crash – Internewscast

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The hedge funds that supported Boris Johnson to undermine prosperity are making a fortune – but you won’t

Crispin Odey: This man supports Boris Johnson in the belief that his Brexit will crash the economy – and make him a fortune.

It seems Facebook has taken a dislike to This Site – some say because Vox Political has been too ready to reveal the facts about Boris Johnson, his backers, and the ways they may be undermining us in order to enrich their selfish selves.

Now, I have no idea why Facebook would want to hide that, but the shadow-ban hasn’t materially harmed This Writer, so here’s some more, courtesy of Beastrabban.

He has quoted a Private Eye article from August that shows up another Johnson lie.

“The people who bet against Britain are going to lose their shirts,” boomed Boris Johnson in his first prime ministerial speech. In fact the betters-against-Britain are the only true winners in Brexit Britain – as the new PM should know.

One big beneficiary is Johnson’s long-time supporter and funder, hedge fund manager Crispin Odey, whose latest gift was a £10,000 cheque for the leadership campaign last month [July] and most of whose funds are domiciled in, er, Ireland.

Odey was public about shorting the pound last year as the process hit Britain’s currency, then earlier this year reversed his position as the market bought into the idea that a no-deal Brexit would be avoided. (Odey’s funds are also profitably shorting major British names including Royal Mail, AA, Debenhams, Autotrader and shopping centre-owning Intu – hardly a vote of confidence in UK plc).

Now that Johnson’s “do or die” Brexit policy and outright rejection of the Irish backstop has sent the pound tumbling again, the short-sellers can cash in once more… In the days before Johnson’s win, and with his coronation looking secure, hedge funds’ bets against the pound rose to more than $6bn worth, according to Reuters. The ensuing fall will have benefited them to the tune of more than $100m.

Somebody’s certainly losing their shirt – but it’s not those betting against Britain.

There’s an update in the current Eye:

Last month the Byline Times added up the sums bet against UK stocks by hedge funds that had donated to either the prime ministers’s leadership campaign or to Vote Leave. Its finding that there was an “£8bn bet on no-deal crash out” was roundly pooh-poohed – with some justification, given the crudeness of the calculation and the host of other reasons for shorting shares. But that doesn’t mean there aren’t nefarious motives in the cross-over between short-selling and political influence, as non-conspiracy theorists ex-chancellor Philip Hammond and now ex-Treasury permanent secretary Sir Nicholas Macpherson have observed.

“Mr Hammond is right to question the political connections of some of the hedge funds with a financial interest in no deal,” tweeted Macpherson last weekend. “They are shorting the £ and the country, with the British people the main loser.” Alas, as the Eye put it last year, “there may be rules against rigging the financial markets, but not if the move is big, brazen and political enough.”

Nor is it possible to find out who is placing bets through currency trades, where the political/economic link is most direct. Post-financial crisis, significant share short-sales are publicly disclosed, but currency trades remain secret. Surely time to change this, and for more disclosure of the real financial interests behind those filling Boris Johnson’s boots.

And these things have knock-on effects. In case you haven’t noticed, the UK economy took a dive in the last quarter – that’s because investors are losing confidence.

You can be sure this is because Boris’s backers have been betting against Britain.

And you can also be sure that he won’t get the blame.

He is, after all, their own private “magic money tree”.

Source: Private Eye on the Hedge Funds Supporting Boris Against British Prosperity | Beastrabban\’s Weblog

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Did BoJob friend who bet on firms crashing after Brexit know about ‘Operation Kingfisher’?

Crispin Odey: This man supports the Conservatives in the belief that they’ll crash the economy. He bet on 16 companies crashing after the Tories compiled a list of firms likely to do so. And the Tories are still saying they’re the party of financial responsibility!

Days after we discovered that Crispin Odey, the pro-Brexit, pro-Boris Johnson, Tory donor, had wagered £300 million on 16 UK firms’ share prices plummeting after Brexit, we learn that the Tory government has compiled a list of firms that are expected to collapse.

Am I the only one who sees a possibility for corruption in a person who gave a large amount of money to support Mr Johnson’s leadership campaign betting a large amount of money on several firms heading for the wall after Mr Johnson compiled a list of such businesses?

The Tories have admitted compiling a list of businesses they expect to collapse because of a no-deal Brexit. Comments by front-bencher Michael Gove in Belfast indicated that the Tories’ planned ‘Operation Kingfisher’ said that it was intended to support ‘fundamentally viable businesses’.

Source: Video: ‘Operation Kingfisher’, govt’s secret list of firms to go bust in no-deal Brexit – but cash to help already spent | The SKWAWKBOX

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Tory donor who supported Johnson bets AGAINST UK firms post-Brexit

Crispin Odey: This man supports the Conservatives in the belief that they’ll crash the economy. And they’re still saying they’re the party of financial responsibility.

What a charmer this Crispin Odey is!

After backing Boris Johnson to win the Conservative Party leadership contest, he has gone on to bet against at least 16 UK companies. He reckons their share prices will plummet post-Brexit.

We may safely (I think) conclude that he is making this prediction on the back of Mr Johnson’s win.

So he thought BoJob would be bad for the UK – and backed him to win in order to make money betting on British businesses crashing as a result.

And the Conservative Party is still taking money from such a person.

How utterly cynical.

Crispin Odey, the pro-Brexit Conservative donor, reportedly waged a £300m bet against some of Britain’s biggest businesses on the implication their share prices will crash after Brexit.

The multimillionaire hedge fund tycoon’s company, Odey Asset Management, is understood to have taken out £299m in “short” positions on at least 16 firms including Royal Mail and Intu, the shopping centre owner.

Shorting involves borrowing currency or shares and selling immediately in the hope of buying them back later for less and pocketing the difference.

Source: Tory donor bets £300 million on losses for UK firms after no-deal Brexit – inews.co.uk

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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