4/18/13

George Soros, enigmatic financier, liberal philanthropist dies at XX | Reuters

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GeorgeSoros,enigmaticfinancier,liberal philanthropistdiesatXX
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(Reuters)GeorgeSoros,whodiedXXXatage XXX,wasapredatoryandhugelysuccessful financierandinvestor,whoarguedparadoxicallyfor yearsagainstthesamesortoffreewheeling capitalismthatmadehimbillions.

Hewasknownas"themanwhobroketheBankofEngland"forselling shorttheBritishpoundin1992andhelpingforcetheUnitedKingdomto withdrawfromtheEuropeanExchangeRateMechanism,whichdevalued thepoundandearnedSorosmorethan$1billion. AndhisSorosFundManagementwaswidelyblamedforhelpingtrigger theAsianfinancialcrisisof1997,bysellingshorttheThaibahtand Malaysianringgit.

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"Subsequently,PrimeMinisterMahatirofMalaysiaaccusedmeofcausing thecrisis,awhollyunfoundedaccusation,"SoroswroteinTheCrisisof GlobalCapitalism:OpenSocietyEndangered,"in1998.

Currencies RegulatoryNews Markets CyclicalConsumer Goods Financials

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"Wewerenotsellersofthecurrencyduringorseveralmonthsbeforethe crisisonthecontrary...wewerepurchasingringgitstorealizeprofitson ourearlierspeculation."

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Still,economistPaulKrugman,wasoneofmanyobserverswhoaccusedSorosofhelpingtrigger thecrisis. In1999,Krugmanwrotethat"nobodywhohasreadabusinessmagazineinthelastfewyears canbeunawarethatthesedaystherereallyareinvestorswhonotonlymovemoneyin anticipationofacurrencycrisis,butactuallydotheirbesttotriggerthatcrisisforfundandprofit." Still,Soroshaswrittenextensivelyonthefollyofwhathehascalledfreemarket "fundamentalism,"thebeliefofmanyconservativeeconomiststhatmarketswillcorrect themselveswithnoneedforgovernmentintervention. InSoros'view,marketsandinvestorsaresubjectto"mood"swings,oraprevailingpositiveor negativebiaswhichcanbeexploitedbysavvyinvestorsbutwhichinevitablyleadtodamaging marketbubblesandboom/bustcycles. Anenigma,wrappedinintellect,contradictionandmoney. AJewborninHungaryastheNazisweregainingpowerinGermany,SorossurvivedWorldWar TwoandthenemigratedtoGreatBritain,whereheearnedadegreefromtheLondonSchoolof

3.52% 2.77% 2.98% 2.65% 3.51% 2.74% 2.60% 3.94%

3.65% 2.85% 2.96% 2.71% 3.72% 2.93% 2.88% 4.15%

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READ

Economicsin1952,andlandedhisfirstjobinthefinancialindustrylargelythroughpurestubborn chutzpah.

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OPENSOCIETYINSTITUTE WhileattheLondonSchool,SorosstudiedundertheeconomistandphilosopherKarlPopperand amainvehicleforhisphilanthropy,theOpenSocietyInstitute,isnamedforPopper'stwovolume work,"TheOpenSocietyandItsEnemies." Inthatwork,Popperdevelopsthephilosophyofreflexivity,atheoryfirstarticulatedbyWilliam Thomasinthe1920sthatpositsthatindividualbiasesenterintomarkettransactions,coloringthe perceptionofeconomicfundamentals.Soroshasattributedhisownfinancialsuccessinparttohis understandingofthereflexiveeffect. Keytounderstandingthateffectisrecognizingwhenmarketsareinaconditionofnear equilibrium,orindisequilibrium.Soroshasobservedthatwhenmarketsarerisingorfalling rapidly,theyaretypicallymarkedbyrisingdisequilibrium,andthedispassionateinvestorcan capitalizeonthatrecognition. WhileSoroshasbenefitedenormouslyfromthisunderstanding(Forbesputhiswealthin2013at $19billion,makinghimtheworld's30thrichestperson,notcountingtheroughly$8billionhehas givenawaythroughvariouscharitableentitieshecontrols),hehasarguedneverthelessforstrong centralgovernmentregulationtocorrectforandcounterbalancetheexcessesofgreed,fearand

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thefreemarket. Popper'sideaoffallibilism,whichpositsthatanythingonebelievesmayinfactbewrong,is anotherkeyprinciplethathasguidedSorosinhiscareer,andhisphilanthropy.

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Soros'philanthropysincethe1970s,whenhebeganfundingthestudiesofblackstudentsatthe UniversityofCapeTowninSouthAfrica,hasbeenmarkedasmuchbyhispersonaljourneyasby theneedsofthecommunitieshehassetouttoserve. HiseffortsthroughtheOpenSocietyInstituteandtheSorosFoundationshavebeenskewed towardtheefforttopromotedemocraticvaluesinthepostSovieteconomiesofCentraland EasternEurope,wherehewitnessedtheriseofcommunisminHungaryafterWorldWarTwo. "Thebulkofhisenormouswinnings(asaninvestorandspeculator)isnowdevotedto encouragingtransitionalandemergingnationstobecome'opensocieties,'"formerFederal ReserveChairmanPaulVolckerwroteintheforewordtoSoros'"TheAlchemyofFinance"(2003). "Open,"Volckerwrote,"notonlyinthesenseoffreedomofcommercebutmoreimportant tolerantofnewideasanddifferentmodesofthinkingandbehavior." PHILANTHROPY,POLITICS Sorosalsopledged$50millionin2006totheMillenniumPromise,ledbyeconomistJeffrey Sachs,toprovideeducational,agriculturalandmedicalaidtohelppoorvillagesinAfrica.Andthe OpenSocietyInstitutehasexpandeditsgivingtomorethan60countriesaroundtheworld,giving awayroughly$600millionayear. SoroswasanearlysupporterofthepeacefultransformationoftheSolidaritymovementinPoland andOpenSocietyInstituteprogramswereconsideredbymanyWesternobserverstobeakey factorinthesuccessofthe"RoseRevolution"inGeorgia. Whilehisphilanthropyhasearnedhimfriendsaroundtheworld,hispoliticalgivinghasearned himbothfriendsandenemies.FormerPresidentGeorgeW.Bush,whoSorosblamedforturning theUnitedStatesinto"themainobstacletoastableandjustworldorder,"wasperhapsthe biggestsingletargetofhispoliticalwrath. "Bydeclaringa'waronterror'afterSept.11,wesetthewrongagendafortheworld,"Sorostold Newsweekmagazineina2006interview."Whenyouwagewar,youinevitablycreateinnocent victims." InabidtostopBush'sreelection,Sorosdonated$23.5milliontomorethan500liberaland progressivegroupsduringthe20032004U.S.electioncycle. OthercausesthathaveattractedSoros'generosityincludedrugpolicyreform.Hedonated$1.4

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George Soros, enigmatic financier, liberal philanthropist dies at XX | Reuters

milliontopromoteCalifornia'sProposition5in2008,afailedinitiativethatwouldhaveexpanded drugrehabilitationprogramsasalternativestoprisonfornonviolentdrugoffenders,and $400,000tothesuccessful2008Massachusettsinitiativetodecriminalizepossessionoflessthan anounce(28grams)ofmarijuana. Hehasalsobeenavocalsupporteroftherighttodieindignity,revealingin1994thathehad offeredtohelphisownmother,amemberoftheHemlockSociety,commitsuicide. WhileSoros'lifehasbeenmarkedbyremarkablesuccessinhisfarflungendeavors,ithasnot beenwithoutdefeat.HisinvestmentinFrance'sSocieteGeneralefollowingJacquesChirac's aggressiveprogramofprivatizationledtochargesofinsidertrading,whichhedisputed,and eventualconvictionandthepaymentofasmallpenalty. AndhewasaminoritypartnerinagroupthatfailedtoacquiretheWashingtonNationalsMajor Leaguebaseballteam. ButthesefailingsstandoutinthelifeofthisremarkablysuccessfulHungarianAmericanfinancier, philanthropistandthinker,incontrasttohisstubbornrefusaltofailinvirtuallyeveryotherventure.
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George Soros, enigmatic financier, liberal philanthropist dies at XX | Reuters

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George Soros, enigmatic financier, liberal philanthropist dies at XX | Reuters

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