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George Soros backs anti-Wall Street protests

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George Soros backs anti-Wall Street protests

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Billionaire financier George Soros says he understands anti-bank protests that started in New York and have spread across the United States.

The Hungarian-born investor, whose net worth is an estimated 16 billion euros, said he sympathised with the Occupy Wall Street movement.

Soros was speaking at a meeting at the United Nations headquarters in Manhattan.

“Actually I can understand their sentiment, frankly,” he told reporters.

“The decision not to inject capital into the banks, but to effectively relieve them of their bad assets and then allow them to earn their way out of a hole leaves the banks bumper profits and then allows them to pay bumper bonuses.”

The Occupy Wall Street protests began on September 17 with demonstrators trying to pitch tents outside the New York Stock Exchange.

Marches have also spread to a number of other US cities over the past 15 days, including Chicago, San Francisco and Los Angeles.