BUSINESS

Soros: Free Markets Model Finished

03/26/2009 05:12 am 05:12:01 | Updated May 25, 2011

According to Bloomberg, billionaire investor George Soros said the current economic upheaval signals the end of a free-market model.

Liberalization of the financial industry begun by the Reagan administration has led to a series of crises forcing government intervention, Soros told economists and bankers at a Feb. 20 private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has "damaged the financial system itself," he said.

Reuters has more on the dinner here.

Meanwhile, the government is in talks to buy as much as 40% of Citigroup's common shares.

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