Another Jacob Rees-Mogg Bet Turns Sour
- Somerset Capital has increased long position in Alpha Bank
- The Greek lender tumbled to close at a record low on Tuesday
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As Brexiteer Jacob Rees-Mogg struggles to garner enough support to oust Theresa May, one of his investment firm’s wagers is also looking questionable.
Somerset Capital Management, which the U.K. lawmaker founded, massively increased its long position in Alpha Bank AE this year. But the Greek lender has seen its stock price plunge by around 40 percent in 2018 amid lingering doubts about the mountain of bad loans weighing on its balance sheet.