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Big Short investor bets against UK banks

Big Short investor bets against UK banks
Business
The US investor shot to fame when he featured in the book by Michael Lewis, and was later played by Steve Carell in the Hollywood adaptation.

Mr Eisman said he expected UK markets to fall as a result of Brexit.

Explaining his current investment position, he said that he bet against two UK banks "about a month and a half ago" due to the possibility of Britain leaving the EU and of Jeremy Corbyn becoming prime minister.

"I think in either eventuality the British market will go down," he said.

He added that he decided to bet against a third bank because it "seems more likely that Theresa May s proposals will fail".

Known as shorting, the bets against the banks will pay out if the banks shares fall.

Asked which banks he thought were vulnerable, he said "it doesn t matter which UK banks I m short. I could have picked three others", adding that he saw it as an "industry" issue.

Image caption Steve Eisman became known for predicting the 2008 financial crisis

During the financial crisis, Mr Eisman worked for a hedge fund called FrontPoint Partners, and his bets against financial markets reportedly led the company s assets to double to $1.5bn.
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