George Soros is a Hungarian financier who was born in 1930 in the capital city of Budapest. He studied at the London School of Economics and then moved to America. Never afraid of hard work, he survived when in the U.K. by working as a waiter, picking apples and selling handbags.Â
He is the founder of Soros Fund Management, a hugely successful fund management company. George Soros became famous in the U.K. in 1992 when the Bank of England withdrew sterling from the European Exchange Rate Mechanism and devalued the currency. George Soros traded an estimated $10 billion worth of the currency and earned around $1.1 billion in the process. In the Asian crash, the Malaysian Parliament went as far as to say that George Soros had brought down the currency.
George Soros has also written extensively on his belief that the people that are trading sometimes do so on their own biases and so change the market itself. He says that in this way trading can, rather than promoting stability in the market, actually destabilize it. And that in these situations, the normally held belief that the market will stabilize itself is not necessarily right.
Never just a simple moneyman, George Soros has established a large network of charitable organizations. These range from supporting university places for blacks during the apartheid regime in South Africa, to many eastern European charities to societies that are dedicated to trying to get rid of George W. Bush.
George Soros donated huge amounts of money during the 2004 presidential campaign to try to defeat President Bush. Although the campaign was unsuccessful he still maintains that this is his central goal. This is at least in part due to his belief that American foreign policy as it is being promoted at the moment is leading to greater not lesser instability.
Never one for holding back or being too careful, George Soros has had some spectacular crashes as well as triumphs, such as losing an estimated $2 billion on the Russian markets.
George Soros has become a legend among traders for his bold and daring trades that have made him billions. He also runs the Quantum Investment Group. He has largely retired from his Soros Fund Management and devotes a great deal of his time to his political and charitable activates. He is the founder and chairman of the Open Source Group that is dedicated to promoting a more open society.
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