Why would George Soros do this?

[ret5hd]

from http://www.kitcocasey.com/displayArticle.php?id=1090:

<snip>
You may recall this happening... I was trading foreign bonds at the time and thought sterling would not see the light of day ever again! So, for a short history lesson... 1992, the European Union currencies had all applied for conversion to the euro... But first they would have to trade in the Exchange Rate Mechanism (ERM) within a trading band... George Soros took on the ERM and decided that sterling would not be able to remain within the trading range should speculation hit it hard... And that's exactly what he did... He hit sterling hard with speculative trades, selling the currency short, and driving it from its trading range...

Once out of the trading range, sterling had to leave the ERM, and therefore not be eligible for conversion to the euro... At that time in 1992, sterling was trading roughly where it is trading this morning... 14 years later!
</snip>

Just wondering why he would manipulate the markets to keep Britain from the Euro???

[The Magistrate]

1. It Is His Business, Sir

To profit by gaps between the perceived value of currencies and what they can actually be sustained at under pressure. The Pound would not have been able to maintain the range at that time in any case when the push came to shove for the conversion, even had Mr. Soros sat on his hands: what he saw, others would have seen, and acted on.

[ret5hd]

3. So it was not that he personally had something against...

Britain going to the Euro?

For some reason, that was the impression I got. I'm not sure why.

[theoldman]

2. Because he can.