The nature of risk ...

Dennis R Redmond dredmond at OREGON.UOREGON.EDU
Thu Jun 11 16:48:15 PDT 1998

On Thu, 11 Jun 1998, Jordan Hayes wrote:

> > Risktaking is a myth like Horatio Alger. They "externalize" costs
> > and risks.
> Tell that to George Soros, who loaned Russia "several hundred
> million" last summer. Now *that's* risk.

Loaned, my foot. George had an inside deal to buy up a Russian oil company at rockbottom prices (the company may be worthless, but the oil reserves are hefty), and Russian GKOs or Gov't debt are incredibly high-priced, high-yielding, and ultimately backed by the full faith and credit of our dear friends at the IMF. Not to harsh on George, because he does spring for some big-time charities, but risk in the world of global capitalism is for us little debtors with credit cards, not the really big debtors.

-- Dennis

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