Crispin Odey rejects Brexit Millionaires investigation.

A recent channel four investigation claims that prominent hedge fund manager, Crispin Odey, is among the UK financiers profiting from Brexit turmoil.

Crispin Odey rejects Brexit Millionaires investigation which he claims is utter crap

An episode of Channel 4s investigative documentary series Dispatches entitled The Brexit Millionaires aired March 2019 investigates those who got rich since the Brexit referendum, capitalizing on the almost unprecedented political uncertainty around Britain’s exit from the EU.

“Crispin Odey rejects Brexit Millionaires investigation which he claims is utter crap”

 

The documentary, Brexit Millionaires claimed that a fund managed by Odey was gambling nearly GBP 460 million against UK businesses.

But Crispin Odey rejects Brexit Millionaires investigation and is he right to do so?

Trying to profit from political uncertainties by taking bets one way or another is what macro hedge fund managers are expected to do.

So why all the attention over a hedge fund manager who seeks to profit from the Brexit turmoil?

Crispin Odey is also short gilts, as we noted April last year.

Moreover, Crispin Odey was an outspoken advocate of Brexit he even donated money to the campaign that backed the UK to leave the EU.

The point in question is when a fund manager finances a political movement knowing all too well that it is likely to have an adverse impact on asset prices and then respond by taking a series of big short positions to profit from the turmoil.

Brexit Millionaires claimed that a fund managed by Odey was gambling nearly GBP 460 million against UK businesses

 

So is Crispin Odey’s short gilts trade a bit like the play of a villain in a Bond movie?

When a hedge fund manager funds a political campaign be suspicious, I wrote back on April, 2. It appears (nearly one year later) Channel 4’s investigative documentary series Dispatches entitled The Brexit Millionaires is on the same wavelength.

Crispin Odey could argue that he has been a passionate Brexit man from the outset. So committed to the movement that he even pledges his own private wealth to finance the campaign

Crispin Odey rejects Brexit Millionaires investigation as crap and he could still have a case

Crispin Odey could argue that he has been a passionate Brexit man from the outset. So committed to the movement that he even pledges his own private wealth to finance the campaign.

Furthermore, to recuperate the expenses of the Brexit campaign Crispin Odey then decided to trade the market as an apolitical trader.

So Crispin Odey rejects Brexit Millionaires investigation as crap could hold water if the funds to finance the Brexit campaign came from the billionaire hedge fund manager’s own wealth rather than a third party. Put simply, Crispin Odey could have spent one million pounds to finance the campaign as a political activist and made a million shorting UK assets as a hedge fund manager.

Crispin Odey rejects Brexit Millionaires investigation because there could be an element of political bias

George Soros funded UK to remain in the EU so surely he too should come under the same spotlight, assuming that the issue is not about profits.

Alternatively, Brexit Millionaires investigation could be about criminalizing political rivals and there would be something very wrong about that.