The Philanthropic Efforts Of George Soros
George Soros, born in Hungary in 1930, moved with his family to England in 1947. He attended the London School of Economics. He went on to work in the banking industry, amassing a great fortune over the decades. It was reported by Forbes that in October 2017 Soros donated the bulk of this fortune, $18 million to be exact, to the Open Society Foundations. Soros began his banking career at Singer and Friedlander, a London based merchant bank. He worked her for two years, studying stocks in his free time. He also began to apply principals he had learned in his philosophy studies to stocks, creating new methods to predict changes in the market.
In 1954 he got a chance to use his knowledge of the stock market to use. He was hired by the New York City firm F.M. Mayer and moved to New York to work there. His focus was primarily on European stocks. In 1959 he went to Wertheim & Co. and began to work with European securities. He was offered the position of vice president by Arnhold and S. Bleichroeder and accepted the job in 1963.
In 1969, using $4 million dollars of investor money, including $250,000 of his own, Soros created the Double Eagle hedge Fund. In 1970 he created and became chairman of Soros Fund Management.
In 1973, to avoid conflicts of interest, Soros resigned from Arnhold and S. Bleichroeder and relinquished control of the Double Eagle hedge fund, worth $12 million at this point in time. In 1991, using his philosophical based economic methods, Soros predicted a huge decline in the value of the British Pound. Soros shorted the Pound and gained quite several billion dollars.
Soros has long used his fortune for philanthropic pursuits. He has funded dissent groups in Soviet and post-Soviet nations throughout Central and Eastern Europe. He is largely to credit for the removal of Communism in Hungary, and the success of the Rose Revolution (which peacefully installed a democratic government) in Georgia in 2003.
He founded the Hungarian Open Society Institute in 1984. His Open Society Foundations continue to operate to this day. They are largely responsible for the rebuilding of Eastern and Central European nations that were once under Soviet control. His Open Society Foundations are also active in Africa, where they reduce poverty and starvation be providing education, advanced medical care, and teaching the local people advanced agricultural practices.
Additionally, Soros provided $100 million to help build an internet infrastructure that could be used by rural Russian Colleges. His most recent donation of $18 billion will continue this type of work and ensure the prosperity of people all across the globe.
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