Soros has a history of manipulating markets:
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency from the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.”
The Times of Monday, October 26, 1992, 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.”
Soros is still blamed for triggering the Asian crisis of 1997 which started a chain reaction that led to the Russian loan crisis, the near collapse of the hedge fund Long Term Capital Management and finally the Brazilian crisis in 1999. Mahathir Mohammed, the prime minister of Malaysia, famously called him a “moron”.
In his book, Mr Soros denies claims that he started the crisis as a “wholly unfounded”. He admits Soros Fund Management foresaw a crisis and “shorted” the Thai bhat and Malay ringgit - agreeing to sell stocks of the currencies it did not yet own.
Instead he blames the international financial system and argues that this is one of the reasons why it needs to be more tightly controlled. Given that belief it is understandable that he should be surprised to be subjected to a barrage of insults during a recent debate the opponents of with globalisation.
Soros tells the west we must reform to help the poor.
I just wish we had our own Soros. If we had one single millionare or group willing to spend money on tv advertisements and newspaper ads explaining Soros background and ties to the Democrats we could turn the public against Soros.
Turn the public against Soros and the politicans will turn against him to save their own skin. We either investigate him or deport him but his influance here in the States declines.
But I have more chance winning the lottery than see that happen sad to say.
My thoughts exactly.
He has also been convicted of insider trading in France.
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http://blogs.wsj.com/law/2006/06/15/france-upholds-george-soross-conviction/
By Peter Lattman
France’s highest court upheld George Soros’s conviction of almost two decades ago in an insider-trading case that involved his trading in French bank Societe Generale. His lawyer, Paris-based Ron Soffer, said they would appeal the Court of Cassation’s ruling to the European Court of Human Rights because the length of the case has kept Soros from getting a fair trial.
(snip)
Convicted 20 years ago. WHy are we even allowing him to do business in this country?
If by “manipulating markets” you mean taking advantage of arbitrage opportunities created by stupid public policies then yeah. There’s a lot to disagree with Soros about but making money off of public officials’ stupidity isn’t one of them