Billionaire Soros Banking on a Bush Loss

[CShine]

NEW YORK - George Soros' dream is President Bush losing in November — and so far, the billionaire philanthropist has donated nearly $13 million to independent groups that also want to turn that vision into reality. "I'm merely putting my money where my mouth is," Soros told The Associated Press.

After surviving the Nazi occupation of his native Hungary and giving away billions of his self-made fortune to charitable causes, Soros is entering national politics in a big way for the first time. He says he is too disturbed by Bush's policies to do nothing. "This is not a normal election. These are not normal times," Soros said.

The Bush administration, he said, has flouted past rules of international relations by declaring war in Iraq after the Sept. 11, 2001, terrorist attacks. He urged Americans to defeat the "Bush doctrine" by ousting the president on Nov. 2.

"If we re-elect President Bush, we are endorsing that doctrine and we have to accept the consequences," Soros said. To that end, Soros has given millions to three liberal-leaning organizations that also want to a Bush defeat: $10 million to America Coming Together, which aims to mobilize voters; $2.5 million to the MoveOn.org voters' fund, which places anti-Bush advertising; and $300,000 to the Campaign for America's Future.

He also has pledged $3 million to the Center for American Progress, a think tank led by John Podesta, chief of staff to President Clinton. This election year, Soros has spent about $4 million, more than any other individual, according to the Center for Responsive Politics, a nonprofit Washington-based group that tracks political donations. In recent speeches, Soros has referred to the Bush administration's anti-terrorism polices as a doctrine that has changed Americans from "victims to perpetrators." He says the fighting in Afghanistan and Iraq has claimed more lives than the Sept. 11 attacks that killed nearly 3,000 people in New York, Washington and a Pennsylvania field.

http://story.news.yahoo.com/news?tmpl=story&cid=694&ncid=696&e=4&u=/ap/20040610/ap_on_el_pr/soros__campaign

[Lucky Luciano]

1. A Dupe Thread!

Someone else replied that they liked Soros's statement:

"This is not a normal election. These are not normal times."

Bumper Sticker Material they were saying...I kind of agree!

[PROGRESSIVE1]

2. He's damn right that a Second Term of * is an endorsment of.....

the OLD WORLD!!!

[xxqqqzme]

3. banking on it.....

praying 4 it...working 4 it....looking forward 2 it....relying on it......keeping my fingers crossed.....voting on it.

[lanparty]

4. Soros has seen fascism first hand ...

He knows that he's seeing it AGAIN!!!!

[Alexander]

5. Soros isn't doing this because he's a nice guy.

He's doing this because the value of the dollar has sharply decreased against the Euro ever since Bush has been in office, which hurts his pocketbook.

That being said, his help is appreciated.

[Lucky Luciano]

7. Don't count on your reasoning being correct

Soros made his billions as a hedge fund manager with a fund that had billions under control. With such a large fund, stocks and bonds can't be traded with much efficiency...the result is that his fund specialized in trading foreign currencies...which means he still knows how to protect his dollar denominated assets though he retired the fund...he may protect his assets by being invested in the Euro to hedge his losses that may occur with a weak dollar...one can make money in any and all markets - up/down/sideways, and if anyone knows how to do this, Soros does!

[bpilgrim]

9. The Guardian | Soros bets against the dollar - May 2003

George Soros, the billionaire investor dubbed "the man who broke the pound", yesterday added to the mounting pressure on the dollar when he admitted publicly he was betting against the currency.

In an interview with US cable channel CNBC, Mr Soros disclosed that he had recently begun to sell. "I now have a short position against the dollar," he said. "I have listened to what the secretary of the treasury is telling me. Who am I to stand in the way?

"We continue to sell the US dollar against the euro, the Canadian dollar, the Australian dollar, the New Zealand dollar and gold."

Mr Soros played a significant role in forcing the pound from the European exchange rate mechanism in 1992 when he bet against sterling. His firm was said to have made $1bn after the pound was ejected.

more...
http://www.guardian.co.uk/business/story/0,3604,960213,00.html

peace

[Lucky Luciano]

10. Good article...Soros clearly came out a winner from shorting

the dollar! People often invest in currencies with a lot of leverage, so he made a killing! Thanks for the confirmation of what I was saying! :)

[Citizen Daryl]

12. Good enough reason

I'm decidedly lower-class financially, but I've managed a shoestring backpack vacation to Europe on my tax return for the past couple years. This year the dollar was so weak, and my tax return so small, that there was no way to do it.

[Just Me]

6. I sent resumes to both CAR and Soros "Open Society".

Either would be such a fabulous job.

:bounce:

Thanks for all your help, Mr. Soros!!! :hi:

[cliss]

8. "The enemy of my enemy is my friend"

In this case, I'll take George. Soros, not Bush that is.

I laughed when I read recently Soros said that the more the Rim-publicans bash him, the more he's going to donate to anti-Bush projects.

heh heh

That ought to shut them up.

[Judi Lynn]

11. I hope every penny he spent will have the impact we need.

Republicans dispise him. They've been shrieking about him for months on their radio as hostage programs.

I hope he'll be rewarded for his bold investment.