BACKSTORY Billionaire George Soros says he didn't have insider knowledge in Societe Generale case

AP Worldstream | 11/08/2002 | VERENA VON DERSCHAU

[Liz]

BACKSTORY 11-08-2002

Dateline: PARIS

American billionaire investor George Soros, on trial in a 14-year-old insider trading case, told a court Friday that he didn't have privileged information when he bought shares in French bank Societe Generale.

Soros and two other businessmen are on trial at the Paris Criminal Court, accused of benefiting from insider knowledge when they bought the bank's stock in 1988 before a failed takeover that pushed up the price.

"I have been in business all my life and I think I know what is insider trading and what isn't," said the president of Soros Fund Management, in court with six defense lawyers.

Asked whether he had ever been accused of insider trading in another case, Soros replied, "No, never."

Hungarian-born Soros has been on trial since Thursday along with two others: Jean-Charles Naouri, former head of the office of France's then-Finance Minister Pierre Beregovoy; and Lebanese businessman Samir Traboulsi. Both contest the charges.

Societe Generale was privatized in 1987. A year later, its stock price went up during an unsuccessful takeover bid. The defendants are accused of having obtained insider information before the abortive corporate raid pushed up its stock price.

The 72-year-old defendant took the stand for 20 minutes on Friday, speaking through a French interpreter. He has been under investigation for 12 years in the case. A prosecutor said the case has dragged on because Swiss authorities took years to respond to requests for information.

Soros said he was interested in Societe Generale based on information he said was widely known at the time: France's new leftist government favored takeovers to change leadership at major French companies that had recently been privatized.

At the time, Soros was buying up stock in many companies and had no reason not to include Societe Generale. Afterward, however, he sold the stock because he felt the takeover attempt was motivated by the wrong reasons.

"I realized very quickly that it was political and not something that was going to have an effect on management," he explained.

Soros is accused of profiting by US$2.2 million in the affair.

He is one of the four defendants left of 11 people who were originally placed under formal investigation, following a French judge's decision to dismiss charges against the others. Two other businessmen implicated in the scandal _ Edmond Safra and Robert Maxwell _ have since died.

Former French banker Jean-Pierre Peyraud was also scheduled to stand trial this week, but the court ruled the 88-year-old must undergo a medical analysis because of problems with his memory and cardiovascular system. His case will come up again in January.

As the trial opened a day earlier, Soros said he was sure he would be exonerated. Defense lawyers argued unsuccessfully Thursday that the case should be thrown out because it took so long to bring to court.

Soros was reportedly the first American to earn a billion dollars in a single year. Born in Hungary in 1930, he emigrated to the United States in 1956 and became a citizen five years later. In 1973, he established the Soros Fund Management with Quantam its principal fund. He has spent recent years engaged in philanthropy.

A charge of insider trading can bring a maximum of two years in prison and a 1.5 million euro (US$1.5 million) fine, though such a heavy sentence would be highly unlikely in the case.

The trial is expected to last until a final hearing on Nov. 20, and the verdict will likely come later.

(parf-ad-ps)

Copyright 2002, AP News All Rights Reserved

[Liz]

(Soros) is one of the four defendants left of 11 people who were originally placed under formal investigation, following a French judge's decision to dismiss charges against the others. Two other businessmen implicated in the scandal _ Edmond Safra and Robert Maxwell _ have since died.

Safra and Maxwell...if you're into conspiracy theories....this is a goodie.

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[Liz]

Soros pinger.

[international american]

Now he is free to wreak havoc.. bought his way out again...

[Mo1]

A charge of insider trading can bring a maximum of two years in prison and a 1.5 million euro (US$1.5 million) fine, though such a heavy sentence would be highly unlikely in the case.

Is that all???

[punster]

Hasn't there been talk about Soros being involved in currency manipulation, which actually wrecked the economy of several countries?

[Visalia]

Soros and Martha can share prison cells! A conjugal sentence.

[KC Burke]

Aledgedly, Republicans are captive to big business. It appears, however, the the big money guys who are a law-unto-themselves are all Democrat cronies. We have Clinton pardoning them, both Gore and his dad financed for life by one and now George Soros taking on Bush as a personal vendetta.

We have Dean with more blue bloodlines than can be imagined chastising Bush's background.

Democratic Party, the party of hidden agendas.

[wardaddy]

Soros is a face card spade in the enemies of conservatives deck.

[international american]

"We have Clinton pardoning them, both Gore and his dad financed for life by one and now George Soros taking on Bush as a personal vendetta.

What was the name of that grain trader who Clinton pardoned? The tax cheat out of Zug, Switzerland. The dems have the big money lefty's on Wall St, Hollywood, trial lawyers, etc.

[MeekOneGOP]

Soros was reportedly the first American to earn a billion dollars in a single year. Born in Hungary in 1930, he emigrated to the United States in 1956 and became a citizen five years later. In 1973, he established the Soros Fund Management with Quantam its principal fund. He has spent recent years engaged in philanthropy.

Giving $$MILLIONS to Democrat Presidential candidates via MoveOn.org.

Oh, btw: When is MoveOn.org gonna move on ?? ...

Let Me Tell You A Lie.org

Excerpt:

The truth be told, do you know what group has accepted politically motivated contributions from the biggest political contributor of them all? Do you know what group gets to accept soft money while it tries to influence our political system? MoveOn.org, that’s who. With George Soros contributing at least $2.5 million to MoveOn.org they have accepted over 1000 times what the cap is for a donation in a single contribution. Political propaganda groups like MoveOn.org and Americans Coming Together have accepted a total of at least $15.5 million from Soros making him the biggest political contributor of them all, corporations included. So, it should go without saying that the Democratic Party is the beneficiary of the biggest of the big contributors. But listening to MoveOn.org you would have no idea that this fact is the unarguable truth.

[Shermy]

Wesley Clark speech:

"I was also excited about getting out because I had determined I was going to be an investment banker and do my best to emulate George Soros. I had seen what he could do with giving away a few hundred million a year in Europe and had been pretty impressed. In my fondest dreams, I thought that maybe I could make enough money to give it away and make a difference -- and that this would be a worthy thing to do. I was excited about becoming a civilian and having the freedom to try new things.

http://draftthegeneral.blogspot.com/

[Liz]

Soros is a face card spade in the enemies of conservatives deck.

Meek'll love that mental pic.

[MeekOneGOP]

Hasn't there been talk about Soros being involved in currency manipulation, which actually wrecked the economy of several countries?

I've seen something about those posted here on FR I believe. Check the links for Keyword Soros below:

The Soros Threat

The Capitalist Threat
(1997 article by Soros)

FR Search for Keyword Soros

FR Search for Keyword George Soros

[Liz]

Gosh, you're a great matchmaker. Can we call on you for future matches? LOL.

[Liz]

You nailed it.........money talks, criminals walk.

[MeekOneGOP]

LOL ! Martha has adjusted quite nicely I think, lol !

[MeekOneGOP]

ha ! Or the Joker!

Need to get the 4th Infantry after him !

[Liz]

OMG. He said that? Who could have ever imagined? Oh, that's right. The Clintons (snicker).

[Liz]

LOL. Cute.

[Shermy]

Clark has lots of Soros connections.

[international american]

"Don't do the crime.......unless you have 10 billion dimes"

You may quote me....:)

Best, IA

[Liz]

Why not list them here?

[Shermy]

"Why not list them here?"

All the Soros connections to Clark here? Quite a burden. And you might not believe me. Is this story believable?

Setting: 1999: Paris: On the eve of the Kosovo bombing, our hero is confabbing over dinner with American Ambassador Holbrook, and two other mysterious characters. One, an attractive Dutch woman, was the former paramour of the foremost drug gangster in Holland. He was murdered in the early 90's, she moved on. She became an Agent of Soros (AOS), the head of his "charity" operations in the Balkans. Her date that night was an intriguing Bosnian man. He was the Bosnian foreign minister, who among other things, had entered a business arrangement with our hero's son to make a film in Sarajevo, the son claiming experience in such things from working with Hollywood actor Danny DeVito. Investigations into Bosnian government moneys misappropriated in that deal ensued, never resolved. This intriguing Bosnian, a former Tulane University football player, has hit bottom in 2003. Today he sits in a New York jail endlessly awaiting extradition to Bosnia for prosecution on other frauds. The attractive Dutch woman had a brighter fate, moving up the Soros ladder and marrying in 2003 a prince of the Netherlands, some say an arranged marriage to erase doubts about his sexuality. Was there a quid pro quo?

Kind of hard to believe, no?

The woman: Mabel Wisse Smit.

The man: Muhamed Sacirbey (Sacirbegovic)

P.S. A mini-scandal occured in Holland called "Mabelgate"

[DTA]

>>>>>Why not list them here?<<<<

You must have a navigation map for Soros Network. The same name are popping on variuos places. Also, the individuals from Soros network are planted into numerous non-Soros owned organizations and pretend not to be related to Sopros but help him from inside. Conspiracy? No, just clever planning.

Map is something like this:

On the very top, there is a secretary of a cetain person.
Below is George Soros to exectute the orders. From there, links go to the following.

Quantum Fund > Hedge fund Soros manages
. it does not take much to realize tthe main line of business.

Open Society Institute (OSI)
International Crisis Group (ICG)

OSI and ICG pretend to be independent and assist in dirty jobs overseas (Fujimori, Shevernadze)

Wesley Clark is member of ICG board. That fact alone could cost him a nomination.

ICG is the X sign on the map to for dirt digging.

[DTA]

>>>>>>The woman: Mabel Wisse Smit<<<

Before working for Soros, Ms. Wisse-Smit was a girlfriend of Klaas Bruinsma, The No.1 Dutch Drug Dealer.

I guess that was her principal qualification to start working for Soros. She was someone from inside.

It is very likely that she supervised some weapons-for drugs programme in Bosnia on behalf of Soros network.

A year ago, top aide in European NATO HQ was arrested for drug trafficking worth $200 Million. This was hushed up non-event (but reported on FR).

[DTA]

>>>>>>The woman: Mabel Wisse Smit<<<

Before working for Soros, Ms. Wisse-Smit was a girlfriend of Klaas Bruinsma, The No.1 Dutch Drug Dealer.

I guess that was her principal qualification to start working for Soros. She was someone from inside.

It is very likely that she supervised some weapons-for drugs programme in Bosnia on behalf of Soros network.

A year ago, top aide in European NATO HQ was arrested for drug trafficking worth $200 Million. This was hushed up non-event (but reported on FR).

[nopardons]

Thanks....and I don't think that I need any tinfoil.LOL

[Shermy]

Dutch prince forgoes throne for love

Oct 11, 2003

Dutch Prince Johan Friso, second in line to the throne, gave up his right to succession saying he would marry the woman he loves despite failing to win government approval.

Dutch Prime Minister Jan Peter Balkenende said he could not back the marriage after Prince Johan Friso and his fiancee Mabel Wisse Smit, both 35, acknowledged she had had a more involved relationship with a mobster than she had originally said.

Under Dutch law royals who aspire to the throne must receive permission from the government and parliament to marry as the cabinet will bear responsibility for their actions.

In a letter to the prime minister made public on Saturday, Prince Johan Friso said he would still marry Wisse Smit, giving up his succession to the throne.

"The couple had provided information that was not complete and not correct, which has harmed the confidence (of the government)," Balkenende said at a press conference.

In August, nearly two months after their engagement, Dutch woman Wisse Smit issued a statement saying she had known local mobster Klaas Bruinsma for a few months while a student, but had broken with him when she learned of "the practices he engaged in".

But her relationship with Bruinsma, who was shot dead in a gangland killing in 1991, returned to the spotlight last week when one of his former bodyguards said the pair had been lovers.

In a meeting with Balkenende last week, Wisse Smit conceded she had had a closer relationship with Bruinsma and maintained contact with him for at least another 18 months. But she denied any business or romantic involvement.

"This is not good for the royal family but I would not call it a crisis," Balkenende said.

The affair, dubbed "Mabelgate", is the latest in a string of controversies that have plagued Dutch royal liaisons.

Crown Prince Willem Alexander, next in line to succeed Queen Beatrix, sparked a storm when he proposed to an Argentine whose father served in the military junta. Queen Beatrix's own marriage to German-born Claus in the 1960s triggered riots.

Prince Johan Friso and his fiancee, who got engaged in June, are also no strangers to controversy. Two years ago the government issued an official statement to refute rumours Beatrix's second son was a homosexual.

Wisse Smit, an economics and political science graduate, was also a close friend of former Bosnian foreign minister and UN ambassador Muhamed Sacirbey, who was arrested in New York in March for allegedly stealing $US2.5 million from his government.

She has worked for the United Nations, George Soros's Open Society Institute and a non-governmental organisation promoting democracy and stability in the Balkans.

Soros, a wealthy philanthropist, joined ex-European commissioner Emma Bonino, former French minister and UN envoy Bernard Kouchner and eight others in signing an open letter backing Wisse Smit earlier this week.

[Shermy]

Meet Wesley Clark Jr./Nato Leader's Son in Sarajevo Film Cash Row

[gaspar]

If one does research I am sure that it will be found that when Soros "broke the Bank of England", he did so with the help of inside information.

[gaspar]

Then you might want to check Soros relationship with the University of Vermont.

[Liz]

Ve-r-r-r-y interesting.

[Liz]

Of course.

[Liz]

Sounds like Ian Fleming plot twists.

[aristeides]

Two other businessmen implicated in the scandal _ Edmond Safra and Robert Maxwell _ have since died.

I think you will be interested in the Safra connection.

[Libloather]

...he didn't have privileged information when he bought shares in French bank Societe Generale.

Isn't Pete Rose going through something like this? We may have to wait for the Soros book...

[PhilDragoo]

Friday, 20 December, 2002, 20:01 GMT

Soros found guilty of insider trading

Billionaire financier and philanthropist George Soros has been fined 2.2m euros (£1.4m; $2.3m) for insider trading. A Paris court found Mr Soros guilty of profiting from inside knowledge of a 1988 takeover bid for Societe Generale, a French bank.

Mr Soros, who was not in court, denied the allegations.

In a statement he said he was "astounded and dismayed" by the ruling, and would "appeal the decision to the highest level necessary".

"Let me repeat now what I have maintained from the start: at no point was I in possession of inside information regarding Societe Generale," he said.

"The charges against me are unfounded and without merit."

His lawyers had argued that the incident was too far in the past to achieve a fair trial.

Two of his co-defendants, Lebanese financier Samir Traboulsi and Jean-Charles Naouri, an aide to former finance minister Pierre Beregevoy, were acquitted.

Cashing in

The charges relate to a raid on Societe Generale by tycoon Georges Pebereau, who built up a substantial stake in the bank before trying to take control.

The bid failed, but not before the bank's share price had more than doubled.

Mr Soros and three other defendants, the court found, bought Societe Generale stock when it was cheap, and cashed in their investment when the price rose after the bid became public.

Two other businessmen implicated in the scandal - Edmond Safra and Robert Maxwell - have since died.

The affair was widely seen as a symptom of the corruption of public life in France under the presidency of Francois Mitterrand, from 1981 to 1995.

Mr Pebereau, who has never been charged with any offence in relation to the Societe Generale deal, was acting at the instigation of Mr Miterrand's socialist administration, which opposed the bank's privatisation under the previous government.

High profile

Mr Soros is no stranger to controversy.

He is widely known as the man who broke the pound, after helping force sterling out of Europe's exchange rate mechanism in 1992.

Mr Soros, Hungarian-born but domiciled in the US, was also reportedly the first American to earn a billion dollars in a single year.

In recent years, he has shifted his focus to his wide range of charitable projects, which concentrate on developing democracy and education in Eastern Europe.

Mr. Soros is the last survivor of identical quadruplets, having outlived Armand Hammer, Robert Maxwell and Edmond Safra.

[Grampa Dave]

What happened to his hair?

[piasa]

Don’t know if you’ve ever seen this thread ... found it while looking for Societe Generale info.

[Fedora]

No, I hadn’t seen this thread—thanks!