Soros Says Credit Crisis Will Worsen Before Improving
10 April 2008
By Patricia Kuo and Bei Hu
“Billionaire George Soros said the seizure in global credit markets caused by the subprime collapse will get worse before it gets better.
Lack of oversight is partly responsible for problems in the financial markets, Soros told reporters on a teleconference today. He said regulators and the U.S. administration “failed to perform their job” in a crisis that began in the U.S. housing market and which the International Monetary Fund estimates will cost global financial institutions almost $1 trillion.”