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

Scott Bessent's face is all over financial news nowadays. From $6 billion bond buybacks to tinkering in global currency markets , the U.S. Secretary of the Treasury has certainly been pulling all the stops to stem the ongoing bond selloff.

While Bessent has never been more influential in macroeconomics, it isn't the first time he's made monumental moves in the global economy. Before founding his own hedge fund, Key Square Group, Bessent made a killing bringing down one of Europe's biggest banks — all the while enriching one of the Democratic Party's megadonors: George Soros.

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Bessent started his career with Soros in the 1990s as managing partner at Soros Fund Management's London office . During this time, Soros, Bessent and Stanley Druckenmiller took a massive position against the British pound.

In 1992, the team at Soros Fund Management thought that the Bank of England was too weak to prop up its national currency against Germany's Deutschmark. At that time, the U.K. was languishing in a recession, but the recently reunified German economy was booming.

Soros's fund had about $5 billion in assets under management and he felt super confident that the British pound would plummet. As NPR reported, Soros allowed his team to borrow funds up to $15 billion to magnify their short position.