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Web Extra Trading Icon: George Soros

Wednesday, 9 Jun 2010 | 6:04 PM ET

In our continuing Trader Icon series, we take an in-depth look at George Soros, the man some say saved the British from the euro.

Fast Money Web Extra
The Fast Money traders offer special CNBC.com-only advice on your investments.

The year was 1992 and the world was watching as Britain fought desperately to prop up its plummeting currency.

Two years prior the UK agreed to peg the pound to other European currencies and the decision was proving to be disastrous because part of that agreement mandated a lower limit.

But a series of events caused the pound to sink; and if allowed to float freely against other currencies — it would have traded far south of that lower limit.

By September 16, 1992 even interest rates at 15% couldn’t ease the downward pressure and the Bank of England withdrew from its European alliance.

Only one day earlier Soros put on a short position. When the pound was released it plunged making Soros an estimated $1 billion in the process.

He was dubbed "the man who broke the Bank of England."

Considering another currency crisis is currently gripping the markets, what should you takeway from Soros' bold bet?

Watch the video and find out now!

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Trader disclosure: On June 9, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Pete Najarian owns (AMD) calls; Pete Najarian owns (MCD) calls; Pete Najarian owns (C) calls; Terranova owns (IPSU), (BX), (UDN), (PFE), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (GLD), (AAPL), (IPI), (SU), (V), (TEVA), (FXB), (CVS); Adami owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Grasso owns (ABK), (BAC), (BGP), (C), (DYN), (JPM), (LPX), (NDAQ); Kelly owns (GS) puts; Kelly owns (SPY) puts

For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)

For Steve Grasso
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HON)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (SYMC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (TBT)

Brian Kelly
Kanundrum Capital is short (AMZN)
Kanundrum Capital is short (RCL)
Kanundrum Capital is short (XLY)
Kanundrum Capital is short (AFL)
Kanundrum Capital is short (EWI)
Kanundrum Capital is short (EWO)
Kanundrum Capital is short (GS)
Kanundrum Capital is short (HIG)
Kanundrum Capital is short (XLF)
Kanundrum Capital is short (FCX)
Kanundrum Capital is short (XLB)
Kanundrum Capital is short the Euro
Kanundrum Capital is short the U.K. Pound
Kanundrum Capital is short the Swiss Franc
Kanundrum Capital owns (GLD)
Kanundrum Capital owns (GDX)
Kanundrum Capital owns (GDXJ)

Kanundrum Capital owns (AUY)
Kanundrum Capital owns (GFI)
Kanundrum Capital owns (TLT
Kanundrum Capital U.S. Dollar

For Dennis Gartman
Funds managed by Gartman are short yen
Funds managed by Gartman are short sterling
Funds managed by Gartman are euro
Funds managed by Gartman own gold
Funds managed by Gartman owns NFLX
Funds managed by Gartman are short RIMM
Funds managed by Gartman own (SDS)

For Scott Hanold
RBC Capital Markets is currently providing Anadarko Petroleum with non-securities services
RBC Capital Markets has provided Anadarko Petroleum Corporation with non-investment banking securities-related services in the past 12 months

Whitney Tilson
Funds managed by Tilson own (BP)

For Mike Khouw
Cantor Fitzgerald makes a market in (ADM)

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