George Soros - he can has cheeseburger
- Thread starter Covertibility
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Because the IRS has had very little success in prosecuting individuals in those jurisdictions. In fact, in general the IRS has had a hard time going after the rich. They rather go after the soccer mom who owes $700 in back taxes.
So, in fact, what you have is a theory based on widespread rumor, rather than incontrovertible evidence against Soros, even though you rail against him as though you have proof in hand. Do you actually know how much taxes he paid last year, or the year before that? I don't, and I don't pretend to.
You have no idea what you're talking about. No one person or fund on this planet can take down a currency of the size of the British pound by himself. Black Wednesday The British pound was on its way out of the ERM whether Soros was there or not.
Correct. If anything, Soros helped by taking off the Band-Aid quickly, rather than having it tugged at more painfully and slowly but in no uncertain terms. It was the Bank of England that threw good money after bad. As for his other major currency plays, most of his critics don't go beyond the sensationalist headlines and the comments of not-so-independent others with an axe to grind. Such objective traders, all.
Here is a quote: "The main obstacle to a stable and just world order is the United States.ââGeorge Soros
And another: âmy goal is to become the conscience of the world.â - George Soros
This from a man who openly expounds the principles of Popper's "Open Society" where he admittedly uses people as lab rats in his economic experiments and has openly stated he feels no guilt about the results no matter how detrimental to those people.
It's nice to know who you hold in high esteem.
For those of you interested in Soro's own vile beliefs, from his own mouth:
âSoros on Soros: Staying Ahead of the Curveâ - 1995
âScience and the Open Societyâ â 2000
âOpen Society: Reforming Global Capitalismâ â 2000
âThe Alchemy of Financeâ â 2003
âThe Bubble Of American Supremacy: The Costs of Bush's War in Iraqâ â 2004
âUnderwriting Democracy: Encouraging Free Enterprise and Democratic Reform among the Soviets and in Eastern Europeâ - 2004
âGeorge Soros on Globalizationâ â 2005
âThe Age of Fallibility: Consequences of the War on Terrorâ - 2006
âThe New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Meansâ - 2008
âThe Crash of 2008 and What it Means: The New Paradigm for Financial Marketsâ â 2009
âThe Soros Lectures: At the Central European Universityâ â 2010
âMasquerade: The Incredible True Story of how George Sorosâ Father Outsmarted the Gestapoâ â 2011 (Not yet released)
âThe Philanthropy of George Soros: Building Open Societiesâ - 2011 (Not yet released)
Here is Soros in his own words on "60 Minutes".
âWe are not registered with the Securities and Exchange Commission,â Soros acknowledged on 60 Minutes in 1998. âWe find it more convenient to operate without it.â
âSo in some ways, itâs to escape regulation?â reporter Steve Kroft asked. To which Soros brazenly replied, âYeah, thatâs right.â
Soros could not even join the board of his own Quantum Fund because he was an American citizen. If the fund were actually run by him it would be subject to U.S. laws on insider trading and taxes. As an offshore fund, Quantum avoids the Investment Company Act, which, according to economics writer Andrew Tobias, âseverely restricts the ability of funds to sell short or to make big undiversified bets â betting half the fundâs assets on the collapse of some foreign currency, say.
Offshore fund shareholders are not subject to U.S. taxation, though their American fund managers are. Some Americans do invest in offshore funds, but they must perjure themselves to do so. Many use foreign trusts, with non-U.S. in-laws or non-U.S. institutions as administrators.â
Doesnât quite sound aboveboard, does it? Investment lore says Soros started offshore because in the beginning only people outside the United States would invest in his fund, but that doesnât quite jibe with the reality of today.
It is clear Soros is strictly attempting to avoid American investment law with his funds these days. Take Quantum Realty, his one attempt at a U.S.-based investment house, for which Soros was given assurances âat high levelsâ that non-U.S. investors would be exempt from U.S. taxes. âPolitics then demanded this decision be reversed after the fund had been operating for over a year,â Tobias writes. âIt had to be disbanded to protect the non-U.S. investors.â
The offshore fund faced little serious regulation, leading one of Sorosâ colleagues to explain to The New Yorker that âGeorge has his own rules â theyâre different, larger. He is unencumbered.â The same article went on to describe Soros as âa consummate games man, adept at finding every tax loophole and operating in gray areas where there is no oversight and maneuverability is wide. ⦠Indeed the sums of money that he manages not to pay the I.R.S. in taxes put his present gift giving in a different light.â
I already addressed this matter in an earlier post:
http://www.elitetrader.com/vb/showthread.php?s=&postid=3008629#post3008629
Click on the link in that post for even more details. As I understand it, his investors are non-US citizens. I don't pretend to understand all these matters as you seem to, but explain to me what edge he would provide his clientele by basing the fund in the US? And who would pay more taxes than he had to? He's playing the game as the rules are presently defined. I still fail to understand your animus.