October 31, 2004

George Soros Profile

Front Page Magazine has Part II of "The Man Who Would Be Kingmaker", by Rachel Ehrenfeld and Shawn Macomber up on the site. It's a revealing look at George Soros, the multi-billionaire funding the Democratic 527's and crusading to defeat George Bush. Based on his track record, the Democrats might have thought to ask just what it is he'll demand in return if he succeeds. Because this is a guy who doesn't do anything that isn't calculated to make him richer. Here's an excerpt: (Read Part I here.)

On September 16, 1992, Soros made his fund a cool billion dollars in a single day betting against the British sterling, helping to usher in what the Brits refer to as Black Wednesday. On that day, British citizens saw their currency lose 20 percent of its value. Trying to stave off the challenge to its currency, the British government had borrowed heavily before finally accepting defeat and allowing the devaluation of the pound. Soros was dubbed the Man Who Broke the Bank of England, a designation in which he seemed to take perverse pride.

Perhaps what is most interesting about the episode, considering Soros' recent professions of moral outrage at the Bush economic plan, is his blasé attitude toward social mores in business. "If I abstain from certain actions because of moral scruples then I cease to be an effective speculator", Soros told the London Guardian shortly after the incident. "I have not even a shadow of remorse for making a profit out of the devaluation of the pound." Pushed further, Soros gave an example. "Let's suppose speculation went on to push the franc," he said. "That would be wrong and bad. But it wouldn't stop me."

Later on 60 Minutes, when asked whether he felt any complicity in the financial collapses in Thailand, Malaysia, Indonesia, Japan or Russia, Soros was similarly blunt. "I think I have been blamed for everything," he said. "I am basically there to make money. I cannot and do not look at the social consequences of what I do." A few minutes later, he reiterated the point in even stronger language. "I don't feel guilty because I am engaged in an amoral activity which is not meant to have anything to do with guilt," he said. Worse was Soros' contention that, despite the fact that a single letter from him to the Financial Times recommending a 25 percent devaluation of the country's currency sent Russia into an economic tailspin, "I am actually trying to do the right thing."

Well, try harder, George. You've plunged half the world into depression to line your own pocket.

Posted by dan at October 31, 2004 10:52 PM