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Profile: Quantum Fund
Quantum Fund was a participant or observer in the following events:
According to Jim Rogers, the co-founder of the Quantum Fund along with billionaire financier George Soros, the federal government’s efforts to fix the sector are “wrongheaded.” During a teleconference at the Reuters Investment Outlook 2009 Summit, Rogers says that the government’s $700 billion rescue package for the sector doesn’t address how banks manage their balance sheets, and rewards weaker lenders with new capital. More than two dozen banks have received infusions from the Troubled Asset Relief Program (TARP), and some TARP funds are being used for acquisitions. [White House, 10/3/2008] “Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt,” says Rogers, now a private investor. “What is outrageous economically and is outrageous morally is that normally in times like this, people who are competent and who saw it coming and who kept their powder dry go and take over the assets from the incompetent,” he continues. “What’s happening this time is that the government is taking the assets from the competent people and giving them to the incompetent people and saying, now you can compete with the competent people. It is horrible economics.” [Reuters, 12/11/2008]
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