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Encyclopedia > George Soros

"Soros" redirects here. For other meanings see Soros (disambiguation).
George Soros

George Soros speaking in Malaysia
Born August 12, 1930 (1930-08-12) (age 77)
Flag of Hungary Budapest, Hungary
Occupation speculator, investor, philanthropist, political activist
Net worth $8.5 billion (Forbes) [1]
Spouse Twice divorced (Annaliese Witschak and Susan Weber Soros)
Children Robert, Andrea, Jonathan, Alexander, Gregory
Website http://www.georgesoros.com

George Soros (pronounced [ʃoroʃ]) (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is an American financial speculator, stock investor, philanthropist, and political activist.[2] He has also promoted democracy in Eastern Europe. Soros may refer to: George Soros, financial speculator and writer Tivadar Soros, Esperanto writer, father of the above Susan Weber Soros, founder and director of the Bard Graduate Center for studies in the decorative arts, design, and culture Soros Fund Management, financial services company Soros Foundation, any of various related... Image File history File linksMetadata Soros_talk_in_Malaysia. ... is the 224th day of the year (225th in leap years) in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ... Image File history File links Flag_of_Hungary. ... For other uses, see Budapest (disambiguation). ... Speculation is the buying, holding, and selling of stocks, commodities, futures, currencies, collectibles, real estate, or any valuable thing to profit from fluctuations in its price as opposed to buying it for use or for income - dividends, rent etc. ... An investor is any party that makes an investment. ... A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, or reputation to a charitable cause. ... Activism, in a general sense, can be described as involvement in action to bring about change, be it social, political, environmental, or other change. ... Image File history File links No higher resolution available. ... This article or section does not adequately cite its references or sources. ... Articles with similar titles include the NATO phonetic alphabet, which has also informally been called the “International Phonetic Alphabet”. For information on how to read IPA transcriptions of English words, see IPA chart for English. ... is the 224th day of the year (225th in leap years) in the Gregorian calendar. ... Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ... For other uses, see Budapest (disambiguation). ... Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... A Stock Trader or Stock Investor is a securities professional or firm, who buys and sells securities, such as stocks and bonds. ... A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, or reputation to a charitable cause. ... Activism, in a general sense, can be described as intentional action to bring about social or political change. ...


Currently, he is the chairman of Soros Fund Management and the Open Society Institute and is also a former member of the Board of Directors of the Council on Foreign Relations. His support for the Solidarity labor movement in Poland, as well as the Czechoslovakian human rights organization Charter 77, contributed to ending Soviet Union political dominance in those countries.[3] His funding and organization of Georgia's Rose Revolution was considered by Russian and Western observers to have been crucial to its success, although Soros said his role has been "greatly exaggerated." In the United States, he is known for having donated large sums of money in a failed effort to defeat President George W. Bush's bid for re-election in 2004. He is also known to be a major supporter for Hilary Clinton in the 2008 presidential election, and supports multiple organizations working towards that end. Soros Fund Management LLC, founded by George Soros, is a privately held corporation providing financial services and investment strategies for various funds including some controversial hedge funds such as the Quantum Group of Funds. ... The Open Society Institute (OSI) is a coordinating body, started in early 1994, of the national Soros Foundations, especially in Eastern Europe, which spends money donated by billionaire philanthropist George Soros. ... The Council on Foreign Relations (CFR) is an influential and independent, nonpartisan foreign policy membership organization founded in 1921 and based at 58 East 68th Street (corner Park Avenue) in New York City, with an additional office in Washington, D.C. Through its membership, meetings, and studies, it has been... Solidarity (Polish: ; full name: Independent Self-governing Trade Union Solidarity — Niezależny SamorzÄ…dny ZwiÄ…zek Zawodowy Solidarność) is a Polish trade union federation founded in September 1980 at the then Lenin Shipyards, and originally led by Lech WaÅ‚Ä™sa. ... Czechoslovakia (Czech: Československo, Slovak: Česko-Slovensko/before 1990 Československo) was a country in Central Europe that existed from 1918 until 1992 (except for the World War II period). ... Human rights are rights which some hold to be inalienable and belonging to all humans. ... The Charter 77 (Charta 77 in Czech and in Slovak) was an informal civic initiative in Czechoslovakia from 1977 to 1992, named after the document Charter 77 from January 1977. ... This article does not adequately cite its references or sources. ... The term Western world, the West or the Occident (Latin occidens -sunset, -west, as distinct from the Orient) [1] can have multiple meanings dependent on its context (e. ... George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001. ... Hillary Clinton Hillary Diane Rodham Clinton (born October 26, 1947), was First Lady of the United States from 1993 to 2001, as the wife of President Bill Clinton. ...


Soros is famously known for "breaking the Bank of England" on Black Wednesday in 1992. With an estimated current net worth of around $8.5 billion, he is ranked by Forbes as the 80th-richest person in the world.[1] Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ... In British politics and economics, Black Wednesday refers to September 16, 1992 when the government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) by currency speculators—most notably George Soros who earned over US$1 billion in doing so. ... 2007 is a common year starting on Monday of the Gregorian calendar. ... This article or section does not adequately cite its references or sources. ... This is an annual ranking of the worlds wealthiest people compiled and published by Forbes magazine in March 2007. ...


Former Federal Reserve Chairman Paul Volcker wrote in 2003 in the foreword of Soros' book The Alchemy of Finance: The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Paul Adolph Volcker (born September 5, 1927 in Cape May, New Jersey), is best-known as the Chairman of the Federal Reserve (The Fed) under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). ...

"George Soros has made his mark as an enormously successful speculator, wise enough to largely withdraw when still way ahead of the game. The bulk of his enormous winnings is now devoted to encouraging transitional and emerging nations to become 'open societies,' open not only in the sense of freedom of commerce but - more important - tolerant of new ideas and different modes of thinking and behavior."

Contents

Emerging nation is the term given to a large number of newly independent African, Middle Eastern, and Asian nations in the 1960s. ...

Biography

Family

George Soros is the son of the Esperanto writer Teodoro Schwartz. Teodoro (also known as Tivadar) was a Hungarian Jew who was a prisoner of war during and after World War I and eventually escaped from Russia to rejoin his family in Budapest.[4] This article is about the language. ... Teodoro Ŝvarc (or Schwartz or Soros Tivadar; 1894-1968) was a Hungarian Jewish doctor, lawyer, author and editor. ... History of the Jews in Hungary concerns the Jews of Hungary and of Hungarian origins. ... Geneva Convention definition A prisoner of war (POW) is a soldier, sailor, airman, or marine who is imprisoned by an enemy power during or immediately after an armed conflict. ... “The Great War ” redirects here. ... For other uses, see Budapest (disambiguation). ...


The family changed its name in 1936 from Schwartz to Soros, in response to the Fascist threat to Jews. Tivadar liked the new name because it is a palindrome and because it has a meaning. Though the specific meaning is left unstated in Kaufmann's biography, in Hungarian "soros" means "next in line, or designated successor", and in Esperanto it means "will soar".[5] Tivadar wrote of his ordeal to survive in Fascist Hungary, and help many people escape it, in his book Maskerado. George Soros later said that he "grew up in a Jewish, anti-semitic home," and that his parents were "uncomfortable with their religious roots."[6] Fascism (in Italian, fascismo), capitalized, was the authoritarian political movement which ruled Italy from 1922 to 1943 under the leadership of Benito Mussolini. ... For the movie, see Palindromes (film). ... This article is about the language. ... Wikipedia does not have an article with this exact name. ...


George Soros has been married and divorced twice, to Annaliese Witschak and to Susan Weber Soros. He has five children: Robert, Andrea, Jonathan (with his first wife, Annaliese), Alexander and Gregory (with his second wife, Susan). His older brother Paul Soros is an engineer, and is also a well-known philanthropist, investor, and New York socialite. Susan Weber Soros (b. ...


Native Hungary, and move to England

Soros was thirteen years old when Nazi Germany took military control over its wavering ally Hungary (March 19, 1944), and started exterminating Hungarian Jews[7] in the Holocaust. Soros worked briefly for the Jewish Council, which had been established by the Nazis, to deliver messages to Jewish lawyers being called for deportation. Soros was not aware of the consequence of the messages.[8] To avoid his son being apprehended by the Nazis, his father had Soros spend the summer of 1944 living with a non-Jewish Ministry of Agriculture employee, posing as his godson. is the 78th day of the year (79th in leap years) in the Gregorian calendar. ... Year 1944 (MCMXLIV) was a leap year starting on Saturday (link will display full calendar) of the Gregorian calendar. ... “Shoah” redirects here. ...


In the following year, Soros survived the battle of Budapest, as Soviet and Nazi forces fought house-to-house through the city. Soros first traded currencies during the Hungarian hyperinflation of 1945-1946. Combatants Germany Hungary Soviet Union Romania Commanders Pfeffer-Wildenbruch Ivan Hindy Rodion Malinovsky Fyodor Tolbukhin Strength 180,000 (90,000 for city defense) 500,000+ (170,000 for city assault) Casualties 48,000 dead-60,000+ captured, 40,000 civilian dead 80,000 dead 240,056 wounded and sick[1... “CCCP” redirects here. ... Certain figures in this article use scientific notation for readability. ...


In 1946, Soros escaped the Soviet occupation by participating in an Esperanto youth congress in the West. Soros was taught to speak the language from birth and thus is one of the rare native Esperanto speakers. Year 1946 (MCMXLVI) was a common year starting on Tuesday (link will display full 1946 calendar) of the Gregorian calendar. ... Native Esperanto speakers (in Esperanto denaskuloj) come to be in families in which Esperanto (and usually other languages) is spoken. ...


Soros emigrated to England in 1947 and graduated from the London School of Economics in 1952. While a student of the philosopher Karl Popper, Soros funded himself by taking jobs as a railway porter and a waiter at Quaglino's restaurant where he was told that with hard work he might one day become head waiter. He also worked in a mannequin factory, but was fired for being too slow at putting on the heads. He eventually secured an entry-level position with London merchant bank Singer & Friedlander. For other uses, see England (disambiguation). ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... Year 1952 (MCMLII) was a leap year starting on Tuesday (link will display full calendar) of the Gregorian calendar. ... Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian and British[1] philosopher and a professor at the London School of Economics. ... A wooden mannequin For other uses, see Mannequin (disambiguation). ... Kaupthing Singer & Friedlander is a financial services provider offering corporate and investment banking services to small and medium-sized companies, as well as wealth management services for high net worth clients. ...


Move to the United States

In 1956 he moved to the United States, where he worked as an arbitrage trader with F. M. Mayer from 1956 to 1959 and as an analyst with Wertheim and Company from 1959 to 1963. Throughout this time, but mostly in the 1950s, Soros developed a philosophy of "reflexivity" based on the ideas of Popper. Reflexivity, as used by Soros, is the belief that self-awareness is part of the environment: actions tend to cause disruptions in economic equilibriums, which may run counter to the progression of free-market systems. In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets: a combination of matching deals are struck that capitalize upon the imbalance, the profit being the difference between the market prices. ... the first thing that was invented was the automatic DILDO. Education grew explosively because of a very strong demand for high school and college education. ...


Soros realized, however, that he would not make any money from the concept of reflexivity until he went into investing on his own. He began to investigate how to deal in investments. From 1963 to 1973 he worked at Arnhold and S. Bleichroeder, where he attained the position of vice-president. Soros finally concluded that he was a better investor than he was a philosopher or an executive. In 1967 he persuaded the company to set up an offshore investment fund, First Eagle, for him to run; in 1969 the company founded a second fund for Soros, the Double Eagle hedge fund. Institutional fund management is fund management conducted by large financial firms such as banks, insurance companies and major investment organisations (e. ... A hedge fund is a private investment fund charging a performance fee and typically open to only a limited range of qualified investors. ...


When investment regulations restricted his ability to run the funds as he wished, he quit his position in 1973 and established a private investment company that eventually evolved into the Quantum Fund. He has stated that his intent was to earn enough money on Wall Street to support himself as an author and philosopher - he calculated that $500,000 after five years would be possible and adequate. After all those years, his net worth reached an estimated $11 billion. Soros Fund Management LLC is a privately held corporation providing financial services and investment strategies for various funds including some controversial hedge funds such as the Quantum Group of Funds. ... Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... Net worth (sometimes net assets) is the total assets minus total liabilities of an individual or company. ...


He is also a former member of the Carlyle investment group. The Carlyle Group is a Washington, D.C. based global private equity investment firm with more than $71. ...


Business

Soros is the founder of Soros Fund Management. In 1970 he co-founded the Quantum Fund with Jim Rogers. It returned 3,365% during the next ten years (42.5% per year for 10 years), and created the bulk of the Soros fortune. Rogers "retired" from the fund in 1980. James Jim Beeland Rogers, Jr (born 19 October 1942) is co founder along with George Soros, of the Quantum Fund. ...


Currency speculation

On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency. In British politics and economics, Black Wednesday refers to September 16, 1992 when the government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) by currency speculators—most notably George Soros who earned over US$1 billion in doing so. ... It has been suggested that Short (finance) be merged into this article or section. ... Headquarters Coordinates , , Governor Mervyn King Central Bank of United Kingdom Currency Pound sterling ISO 4217 Code GBP Base borrowing rate 5. ...  Eurozone countries  ERM II countries  other EU countries  unilaterally adopted euro The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for... A floating exchange rate or a flexible exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ...


Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England." “GBP” redirects here. ...


The Times October 26, 1992, Monday quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell." Norman Stewart Hughson Lamont, Baron Lamont of Lerwick, PC (born 8 May 1942) was Conservative Member of Parliament for Kingston-upon-Thames, England from 1972 until 1997. ... Devaluation is a reduction in the value of a currency with respect to other monetary units. ...


According to Steven Drobny,[9] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts. Stanley Druckenmiller formerly managed money for George Soros, and now dedicates himself to work full time at Duquesne Capital which he founded in 1981. ...


In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member. Later, he called Soros a moron.[10] Thai nationals have called Soros "an economic war criminal" who "sucks the blood from the people".[11] The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... Mahathir bin Mohamad (b. ... ASEAN[1], pronounced // (AH-SEE-AHN) in English, or the Association of Southeast Asian Nations, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand[2] as a display of solidarity... A war crime is a punishable offense, under international (criminal) law, for violations of the law of war by any person or persons, military or civilian. ...


Partners

George Soros's most successful partners at Quantum fund have been Jim Rogers, Victor Niederhoffer, and Stanley Druckenmiller, all of whom are famous traders in their own rights. James Jim Beeland Rogers, Jr (born 19 October 1942) is co founder along with George Soros, of the Quantum Fund. ... Victor Niederhoffer Victor Niederhoffer, a well known hedge fund manager, champion squash player and statistician, studied statistics and economics at Harvard University (B.A. 1964) and the University of Chicago (Ph. ... Stanley Druckenmiller formerly managed money for George Soros, and now dedicates himself to work full time at Duquesne Capital which he founded in 1981. ...


Insider trading charges

In 1988, he was asked to join a takeover attempt of the French bank Société Générale. He declined to participate in the bid, but did later buy a number of shares in the company. French authorities began an investigation in 1989, and in 2002 a French court ruled that it was insider trading as defined under French securities laws and fined him $2 million which was the amount that he made using the insider information. A takeover in business refers to one company (the acquirer, or bidder) purchasing another (the target). ... Société Générale (Euronext: GLE) is one of the main European financial services companies and also maintains extensive activities in others parts of the world. ... Insider trading is the trading of a corporations stock or other securities (e. ...


Punitive damages were not sought because of the delay in bringing the case to trial. Soros denied any wrongdoing and said news of the takeover was public knowledge.[12]


His insider trading conviction was upheld by the highest court in France on June 14, 2006.[13] In December, 2006 he appealled to the European Court of Human Rights, claiming that the 14 year delay in bringing the case to trial precluded a fair hearing.[14] is the 165th day of the year (166th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... European Court of Human Rights building in Strasbourg The European Court of Human Rights (ECtHR), often referred to informally as the Strasbourg Court, was created to systematise the hearing of human rights complaints against States Parties to the Convention for the Protection of Human Rights and Fundamental Freedoms, adopted by...


Philanthropy

George Soros (left) and James H. Billington.
George Soros (left) and James H. Billington.

Soros has been active as a philanthropist since the 1970s, when he began providing funds to help black students attend the University of Cape Town in apartheid South Africa, and began funding dissident movements behind the iron curtain. Image File history File links George_Soros_Billington. ... Image File history File links George_Soros_Billington. ... James H. Billington James Hadley Billington (born June 1, 1929) is the current Librarian of Congress. ... World map showing location of Africa A satellite composite image of Africa Africa is the worlds second_largest continent in both area and population, after Asia. ... The University of Cape Town, abbreviated as UCT, is a public university located on the Rhodes Estate on the slopes of Devils Peak, in Cape Town in the Western Cape province of South Africa. ... A segregated beach in South Africa, 1982. ... Warsaw Pact countries to the east of the Iron Curtain are shaded red; NATO members to the west of it — blue. ...


Soros' philanthropic funding in Central and Eastern Europe mostly occurs through the Open Society Institute (OSI) and national Soros Foundations, which sometimes go under other names, e.g., the Stefan Batory Foundation in Poland. As of 2003, PBS[15] estimated that he had given away a total of $4 billion. Central Europe The Alpine Countries and the Visegrád Group (Political map, 2004) Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. ... Pre-1989 division between the West (grey) and Eastern Bloc (orange) superimposed on current national boundaries: Russia (dark orange), other countries of the former USSR (medium orange),members of the Warsaw pact (light orange), and other former Communist regimes not aligned with Moscow (lightest orange). ... The Open Society Institute (OSI) is a coordinating body, started in early 1994, of the national Soros Foundations, especially in Eastern Europe, which spends money donated by billionaire philanthropist George Soros. ... A Soros Foundation is one of a network of national foundations, mostly in Central and Eastern Europe, which fund volunteer socio-political activity, created by George Soros, international financier and philanthropist, and coordinated since early 1994 by a management team called the Open Society Institute. ... The Stefan Batory Foundation is the name of the national Soros Foundation in Poland. ... Not to be confused with Public Broadcasting Services in Malta. ...


He has promoted non-violent efforts to increase democracy in many countries.


The OSI says it has spent about $400 million annually in recent years.


TIME Magazine in 2007 cited two specific projects - $100 million toward internet infrastructure for regional Russian universities; and $50 million for the Millennium Promise to eradicate extreme poverty in Africa - while noting that Soros has given $742 million to projects in the U.S., and given away a total of more than $6 billion.[16] (Clockwise from upper left) Time magazine covers from May 7, 1945; July 25, 1969; December 31, 1999; September 14, 2001; and April 21, 2003. ... Millennium Promise is a non-profit organization dedicated to ending extreme poverty by 2025. ...


Other notable projects have included aid to scientists and universities throughout Central and Eastern Europe, help to civilians during the siege of Sarajevo, worldwide efforts to repeal drug prohibition laws, and Transparency International. Soros also pledged an endowment of €420 million to the Central European University (CEU). The Nobel Peace Prize winner, Muhammad Yunus and his microfinance bank Grameen Bank received support from the OSI. Combatants ARBiH (1992-95)  NATO (1995) JNA (1992) VRS (1992-95) Commanders Jovan Divjak Mustafa Hajrulahović Vahid Karavelić Nedžad Ajnadžić Stanislav Galić (1992-94) Dragomir MiloÅ¡ević (1994-95) Strength 40,000 (1992) 30,000 (1992) The Siege of Sarajevo was the longest siege in the history of... For the general concept, see Prohibitionism. ... Transparency International (TI) is an international organisation addressing corruption, including, but not limited to, political corruption. ... Central European University is a US-licensed and accredited university based in Budapest, Hungary. ... Lester B. Pearson after accepting the 1957 Nobel Peace Prize The Nobel Peace Prize (Swedish and Norwegian: Nobels fredspris) is the name of one of five Nobel Prizes bequeathed by the Swedish industrialist and inventor Alfred Nobel. ... Dr. Muhammad Yunus (Bengali: , pronounced ) (born June 28, 1940) is a Muslim Bangladeshi banker and economist. ... Microfinance is a term for the practice of providing financial services, such as microcredit, microsavings or microinsurance to poor people. ... The Grameen Bank (Bangla: গ্রামীণ ব্যাংক) is a microfinance organization and community development bank started in Bangladesh that makes small loans (known as microcredit) to the impoverished without requiring collateral. ...


According to the National Review[17] the Open Society Institute gave $20,000 in September 2002 to the Defense Committee of Lynne Stewart, the lawyer who has defended alleged terrorists in court and was sentenced to 2⅓ years in prison for "providing material support for a terrorist conspiracy" via a press conference for a client. An OSI spokeswoman said "it appeared to us at that time that there was a right-to-counsel issue worthy of our support." National Review (NR) is a biweekly magazine of political opinion, founded by author William F. Buckley, Jr. ... For the actress, see Lynne Marie Stewart. ...


In September 2006, Soros departed from his characteristic sponsorship of democracy building programs, pledging $50 million to the Jeffrey Sachs-led Millennium Promise to help eradicate extreme poverty in Africa. Noting the connection between bad governance and poverty, he remarked on the humanitarian value of the project.[18] Jeffrey Sachs Jeffrey David Sachs (born November 5, 1954 in Detroit, Michigan) is an American economist known for his work as an economic advisor to governments in Latin America, Eastern Europe, the former Soviet Union, Asia, and Africa. ... Millennium Promise is a non-profit organization dedicated to ending extreme poverty by 2025. ...


He received honorary doctoral degrees from the New School for Social Research (New York), the University of Oxford in 1980, the Budapest University of Economics, and Yale University in 1991. Soros also received the Yale International Center for Finance Award from the Yale School of Management in 2000 as well as the Laurea Honoris Causa, the highest honor of the University of Bologna in 1995. New School University is an institute of higher learning in New York City. ... The University of Oxford (usually abbreviated as Oxon. ... The Corvinus University of Budapest is specialized in teaching economics, but in the last decades it incorporated other universities as well. ... “Yale” redirects here. ... The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, USA. Yale SOM offers M.B.A. and Ph. ... The University of Bologna (Italian: , UNIBO) is the oldest continually operating degree-granting university in the world, and the second biggest university in Italy. ...


Philosophy

Education and beliefs

Soros has a keen interest in philosophy, and his philosophical outlook is largely influenced by Karl Popper, under whom he studied at the London School of Economics. His Open Society Institute is named after Popper's two volume work, The Open Society and Its Enemies, and Soros's ongoing philosophical commitment to the principle of 'fallibilism' (that anything he believes may in fact be wrong, and is therefore to be questioned and improved) stems from Popper's philosophy. Some critics argue that Soros' static political beliefs appear to conflict with the critical rationalism espoused by Popper, though Soros argues that these beliefs were arrived at through such rationalism. For other uses, see Philosophy (disambiguation). ... Sir Karl Raimund Popper, CH, FRS, FBA, (July 28, 1902 – September 17, 1994), was an Austrian and British[1] philosopher and a professor at the London School of Economics. ... Mascot Beaver Affiliations University of London Russell Group EUA ACU CEMS APSIA Golden Triangle G5 Group Website http://www. ... The Open Society and Its Enemies, Volume Two The Open Society and Its Enemies is an influential two-volume work by Karl Popper written during World War II. Failing to find a publisher in the United States, it was first printed in London, in 1945. ...


Reflexivity, financial markets, and economic theory

Soros' writings focus heavily on the concept of reflexivity, where the biases of individuals are seen as entering into market transactions, potentially changing the fundamentals of the economy. Soros argued that such transitions in the fundamentals of the economy are typically marked by disequilibrium rather than equilibrium in the economy, and that the conventional economic theory of the market (the 'efficient market hypothesis') does not apply in these situations. // The concept of reflexivity In general, reflexivity is an act of self-reference where examination or action bends back on, refers to, and affects the entity instigating the action or examination. ...


Whether Soros is theoretically right or wrong on this issue, he certainly has the market credentials and proven track record to effectively maintain that his theory of reflexivity is practically relevant in the marketplace — at least for him. Soros has popularized the concepts of dynamic disequilibrium, static disequilibrium, and near-equilibrium conditions.


Reflexivity is based in three main ideas:


(1) Reflexivity is best observed under special conditions where investor bias grows and spreads throughout the investment arena. Examples of factors that may give rise to this bias include (a) equity leveraging or (b) the trend-following habits of speculators.


(2) Reflexivity appears intermittently since it is most likely to be revealed under certain conditions; i.e., the equilibrium process's character is best considered in terms of probabilities.


(3) Investors' observation of and participation in the capital markets may at times influence valuations AND fundamental conditions or outcomes.


View of potential problems in the capitalist free market system

Despite working as an investor and currency speculator (his fortune in 2004 was estimated at US$7 billion), he argues that the current system of financial speculation undermines healthy economic development in many underdeveloped countries. Soros blames many of the world's problems on the failures inherent in what he characterizes as market fundamentalism. His opposition to many aspects of globalization has made him a controversial figure. Market fundamentalism (or free-market fundamentalism) is a conviction that free markets are generally beneficial. ...


Victor Niederhoffer said of Soros: "Most of all, George believed even then in a mixed economy, one with a strong central international government to correct for the excesses of self-interest." Victor Niederhoffer Victor Niederhoffer, a well known hedge fund manager, champion squash player and statistician, studied statistics and economics at Harvard University (B.A. 1964) and the University of Chicago (Ph. ... A mixed economy is an economy that has a mix of economic systems. ...


Soros claims to draw a distinction between being a participant in the market and working to change the rules that market participants must follow.


Political activism

Opposition to the Soviet Union

According to Neil Clark (writing in the New Statesman): The New Statesman is a left-of-centre political weekly published in London. ...

(t)he conventional view, shared by many on the left, is that socialism collapsed in eastern Europe because of its systemic weaknesses and the political elite's failure to build popular support. Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community[1] for the purposes of increasing social and economic equality and cooperation. ...


That may be partly true, but Soros's role was crucial. From 1979, he distributed $3m a year to dissidents including Poland's Solidarity movement, Charter 77 in Czechoslovakia and Andrei Sakharov in the Soviet Union. In 1984, he founded his first Open Society Institute in Hungary and pumped millions of dollars into opposition movements and independent media Solidarity (Polish: ; full name: Independent Self-governing Trade Union Solidarity — Niezależny Samorządny Związek Zawodowy Solidarność) is a Polish trade union federation founded in September 1980 at the then Lenin Shipyards, and originally led by Lech Wałęsa. ... The Charter 77 (Charta 77 in Czech and in Slovak) was an informal civic initiative in Czechoslovakia from 1977 to 1992, named after the document Charter 77 from January 1977. ... Andrei Sakharov, 1943 For the historian, see Andrey Nikolayevich Sakharov. ... The Open Society Institute (OSI) is a coordinating body, started in early 1994, of the national Soros Foundations, especially in Eastern Europe, which spends money donated by billionaire philanthropist George Soros. ...

—Clark, Neil. Soros Profile. the New Statesman. Retrieved on 2007-06-06.

Since the fall of the Soviet Union, Soros' funding has continued to play an important role in the former Soviet sphere. His funding and organization of Georgia's Rose Revolution was considered crucial to its success by Russian and Western observers, although Soros has said that his role has been "greatly exaggerated."[citation needed] The New Statesman is a left-of-centre political weekly published in London. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 157th day of the year (158th in leap years) in the Gregorian calendar. ... This article does not adequately cite its references or sources. ...


Criticism of Bush Administration

In an interview with The Washington Post on November 11, 2003,[19] Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death." He said he would sacrifice his entire fortune to defeat President Bush, "if someone guaranteed it", and many continue to state this as Soros's position even after Soros clarified the humorous nature of the statement in a Q&A session at the end of his March 3, 2004 address to California's Commonwealth Club. The Washington Post is the largest newspaper in Washington, D.C.. It is also one of the citys oldest papers, having been founded in 1877. ... George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The Commonwealth Club is the private members club of the Royal Commonwealth Society. ...


Soros gave $3 million to the Center for American Progress, committed $5 million to MoveOn, while he and his friend Peter Lewis each gave America Coming Together $10 million. (All were groups that worked to support Democrats in the 2004 election.) On September 28, 2004 he dedicated more money to the campaign and kicked off his own multi-state tour with a speech: Why We Must Not Re-elect President Bush[20] delivered at the National Press Club in Washington, DC. The Center for American Progress is a progressive American political policy research and advocacy organization. ... MoveOn is a progressive public policy organization that has raised millions of dollars for Democratic Party candidates in the United States. ... Peter B. Lewis is the Cleveland, Ohio-area based Chairman of Progressive Insurance Companies. ... America Coming Together (ACT) is a left-wing, political action, 527 group dedicated to get-out-the-vote activities. ... Presidential election results map. ... is the 271st day of the year (272nd in leap years) in the Gregorian calendar. ... The National Press Club is an association of journalists based in Washington, DC. It is well-known for its gatherings with invited speakers, including many presidential candidates and other influential politicians. ...


The online transcript to this speech received many hits after Dick Cheney accidentally referred to FactCheck.org as "factcheck.com" in the Vice Presidential debate, causing the owner of that domain to redirect all traffic to Soros's site. [21] Richard Bruce Dick Cheney (born January 30, 1941), is the 46th and current Vice President of the United States, serving under President George W. Bush. ... FactCheck home page. ...


Soros was not a large donor to US political causes until the U.S. presidential election, 2004, but according to the Center for Responsive Politics, during the 2003-2004 election cycle, Soros donated $23,581,000 to various 527 Groups dedicated to defeating President Bush. Despite Soros' efforts, Bush was reelected to a second term as president in U.S. presidential election, 2004. Presidential election results map. ... A 527 group is a type of tax-exempt organization named after a section of the United States tax code, created primarily to influence the nomination, election, appointment or defeat of candidates for public office. ... Presidential election results map. ...


After Bush's reelection in 2004, Soros and other wealthy liberal political donors backed a new political fundraising group called Democracy Alliance which aims to support the goals of the U.S. Democratic Party.[22][23] The Democracy Alliance is an informal political group consisting of wealthy left-wing U.S. political contributors. ...


Soros has been criticized for his large donations, as he also pushed for the Bipartisan Campaign Reform Act of 2002 which was intended to ban "soft money" contributions to federal election campaigns. Soros has responded that his donations to unaffiliated organizations do not raise the same corruption issues as donations directly to the candidates or political parties. The Bipartisan Campaign Reform Act of 2002 (BCRA) is U.S. Congressional legislation which regulates the financing of political campaigns. ...


A Republican National Committee spokeswoman said,

"It's incredibly ironic that George Soros is trying to create a more open society by using an unregulated, under-the-radar-screen, shadowy, soft-money group to do it. George Soros has purchased the Democratic Party."[24]

Harken Energy, a firm partly owned by Soros, did business with George W. Bush in 1986 by buying his oil company, Spectrum 7. Harken Energy Corporation is an American oil and gas company, having its headquarters in Southlake, Texas. ... Spectrum 7 was an oil company started by William DeWitt and Mercer Reynolds. ...


His most recent book, The Age of Fallibility: Consequences of The War on Terror, was published in June 2006.[25]


Gun control

Directly and through his organization Open Society Institute (OSI), he has funded various gun control organizations, such as the Tides Foundation, the HELP Network and SAFE Colorado. He and seven friends founded their own political committee — Campaign for a Progressive Future — and spent $2 million on political activities in 2000, including providing the prime financial backing for the Million Mom March. OSI has supported UN efforts to create international gun control regulations and has singled out the United States for failing to go along with the international consensus on protective gun control measures. The Tides Center, which is administratively linked to but separate from the Tides Foundation is an institution that handles financial donations for progressive groups like the Institute for Global Communications. ... The Million Mom March was a gun violence awareness group founded in 2000. ...


Critics

Criticism of financial activities

In an August 2004 appearance on Chris Wallace's FOX News Sunday, Former Speaker of the U.S. House of Representatives Dennis Hastert (Republican), stated, "We don't know where George Soros' money comes from. We don't know where it comes from, from the left, and you don't know where it comes in the right. You know, Soros' money, some of that is coming from overseas. It could be drug money. We don't know where it comes from." Soros responded to Hastert by saying, "by smearing me with false charges and mischaracterizations, you are attempting to stifle critical debate and intimidate those who believe this administration is leading the country in a ruinous direction. Now that I have called you on your false accusation, you are using additional smear tactics."[26] Soros filed an official complaint with the House Committee on Standards of Official Conduct. Soros claimed that Hastert's comments "strongly suggests a deliberate effort to use smear tactics, intimidation and falsehoods to silence criticism." There are several notable individuals named Christopher Wallace: The Notorious B.I.G., a rap artist Chris Wallace (journalist), newscaster at ABC, NBC, and Fox News, and son of Mike Wallace (journalist) Chris Wallace (musician), a country music singer This is a disambiguation page — a navigational aid which lists... FOX News Sunday is public affairs magazine on Fox, airing on Sunday mornings. ... John Dennis Denny Hastert (born January 2, 1942) is an American politician. ...


In 2006, Hastert criticized Soros again, this time in regards to the controversy over whether or not Hastert should have acted on information regarding Rep. Mark Foley: "The people who want to see this thing blow up are ABC News and a lot of Democratic operatives, people funded by George Soros."[27] Mark Foley The Mark Foley scandal, which broke in late September 2006, centers on sexually explicit and solicitative e-mails and instant messages sent by Mark Foley, a Republican Congressman from Florida, to congressional pages and former pages. ... ABC News Special Report ident, circa 2006 ABC News is a division of American television and radio network ABC, owned by The Walt Disney Company. ...


Views on anti-Semitism

At a Jewish forum in New York City, Soros partially attributed a recent resurgence of anti-Semitism to the policies of Israel and the United States, and to successful Jews such as himself: New York, New York and NYC redirect here. ... The Eternal Jew: 1937 German poster. ...

There is a resurgence of anti-Semitism in Europe. The policies of the Bush administration and the Sharon administration contribute to that. It's not specifically anti-Semitism, but it does manifest itself in anti-Semitism as well. I'm critical of those policies... If we change that direction, then anti-Semitism also will diminish. I can't see how one could confront it directly... I'm also very concerned about my own role because the new anti-Semitism holds that the Jews rule the world... As an unintended consequence of my actions... I also contribute to that image.[28]   (Hebrew: , also known by his diminutive Arik אָרִיק) (born February 27, 1928) is a former Israeli politician and general. ...

In a subsequent article for the New York Review of Books, Soros emphasized that The New York Review of Books (or NYRB) is a biweekly magazine on literature, culture, and current affairs published in New York which takes as its point of departure that the discussion of important books is itself an indispensable literary activity. ...

I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.[29]

Criticism of political activism

In an editorial in September 2007, Investor's Business Daily criticized Soros for funding organizations such as MoveOn.org and has claimed that Soros is not transparent in the way he gives away his money. The newspaper said: "The irony here is that Soros claims to be an advocate of an 'open society.' His OSI does just the legal minimum to disclose its activities. The public shouldn't have to wait until an annual report is out before the light is flipped on about the Open Society's political action."[30] Investors Business Daily is a national newspaper, published Monday through Friday, that covers business and finance. ... A group of MoveOn volunteers helped the get-out-the-vote drive in Cincinnati in the run-up to the 2004 U.S. presidential election. ... The Open Society Institute (OSI) is a coordinating body, started in early 1994, of the national Soros Foundations, especially in Eastern Europe, which spends money donated by billionaire philanthropist George Soros. ...


IBD said that Soros' giving cannot be considered philanthropy to the extent that it is political activism. The newspaper said that "'philanthropy' may be the wrong word. Unlike, say, Bill Gates, who really does put the bulk of his charity into helping the world's poor through medical services, Soros tends to fund pressure groups and foundations he misleadingly characterizes as promoting 'civil society' and 'democracy.'"[31] For other persons named Bill Gates, see Bill Gates (disambiguation). ...


Books

Authored or co-authored

Biographies

  • Soros: The Life and Times of a Messianic Billionaire by Michael T. Kaufman (Alfred A. Knopf, 2002) ISBN 0-375-40585-2
  • Soros: The Unauthorized Biography, the Life, Times and Trading Secrets of the World's Greatest Investor by Robert Slater (McGraw-Hill, 1997) ISBN 0-7863-1247-5

Journalism

Time magazine cover, September 1, 1997 reading "Saint George and his unlikely crusades"
Time magazine cover, September 1, 1997 reading "Saint George and his unlikely crusades"

Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ...

Authored

Categories: Possible copyright violations ... The Atlantic Monthly (also known as The Atlantic) is an American literary/cultural magazine that was founded in November 1857. ...

About

Malcolm Gladwell Malcolm Gladwell (born September 1, 1963) is a United Kingdom-born, Canadian-raised journalist now based in New York City who has been a staff writer for The New Yorker since 1996. ... The New Yorkers first cover, which is reprinted each year on the magazines anniversary. ... The libertarian Reason Magazine dedicated an issue to Ayn Rands influence one hundred years after her birth. ... Martin H. Peretz, also known as Marty Peretz, (born December 6, 1938), is an American publisher and former Harvard University lecturer. ... For other uses, see New Republic. ... (Clockwise from upper left) Time magazine covers from May 7, 1945; July 25, 1969; December 31, 1999; September 14, 2001; and April 21, 2003. ... (Clockwise from upper left) Time magazine covers from May 7, 1945; July 25, 1969; December 31, 1999; September 14, 2001; and April 21, 2003. ...

Scholarly perspectives

  • Bryant, C. G. A. (2002). 'George Soros's theory of reflexivity: a comparison with the theories of Giddens and Beck and a consideration of its practical value', Economy and Society, 31 (1), pp. 112-131.
  • Cross, R. and D. Strachan (1997). 'On George Soros and economic analysis', Kyklos, 50, pp. 561-74.
  • Pettis, Michael (2001). The Volatility Machine: Emerging Economies and the Threat of Financial Collapse, Oxford University Press.

Speeches

Interviews

References

  1. ^ a b http://www.forbes.com/lists/2007/10/07billionaires_George-Soros_L9II.html
  2. ^ William Shawcross, "Turning Dollars into Change," Time Magazine, September 1, 1997
  3. ^ George Soros, A Biographical Note, dated May 2006, at www.georgesoros.com
  4. ^ Kaufman, Michael T., Soros: The Life and Times of a Messianic Billionaire, Alfred A. Knopf: 2002
  5. ^ Kaufman, Michael T., p. 24
  6. ^ Slater, R.: "Soros: The Unauthorized Biography", page 30
  7. ^