Scott Bessent helped George Soros net $1 billion breaking the Bank of England — now he's fighting a U.S. bond selloff

U.S. Secretary of the Treasury Scott Bessent gained notoriety for his role in helping George Soros make $1 billion by breaking the Bank of England in 1992. Before founding his own hedge fund, Bessent worked at Soros Fund Management, where he played a crucial part in a massive short position against the British pound. Soros and his team borrowed up to $15 billion to magnify their position as the economic situation in the U.K. became increasingly dire.

On Black Wednesday, September 16, their educated guess proved correct, as the British pound faced intense selling pressure, resulting in a $1 billion profit for Soros. Bessent later rose to become the chief investment officer (CIO) of the hedge fund.