Outgoing FSA chief to team up with Soros

City A.M. Reporter
THE OUTGOING chairman of the UK financial watchdog and one-time candidate to head the Bank of England is expected to take up a post at a think tank founded by billionaire investor George Soros, it has emerged.

Lord Adair Turner – who headed the defunct Financial Services Authority, which was scrapped yesterday – will join the Institute for New Economic Thinking in New York. Soros is believed to have made $1bn by betting on the devaluation of sterling in 1992, helping to send it crashing out of the European Exchange Rate mechanism.

Soros set up the think tank to devise new economic theories in response to the recent global financial crisis.