Soros To Return $1 Bilion Capital To External Investors To Avoid Registering His $25 Billion Hedge Fund

Tyler Durden's picture

Bloomberg reports that George Soros will return client capital, and will focus exclusively on managing his own and his family's money, apparently in an indirect protest against the reporting hedge fund requirement of Dodd Frank. Since the capital in question is only about $1 billion of $25.5 billion, this is hardly the big move some are making it out to be, as the bulk of Soros Fund Management is already primarily funded by his own money. Also notable, is that Keith Anderson, the company's COO, has decided to depart. But yes: for all those who wished they could have given money to Soros to manage for them, it is now too late. As for the reason for the change: "Soros’s sons said they took the decision because new financial regulations would have made it necessary for the firm to register with the Securities and Exchange Commission by March 2012 if it continued to manage money for outsiders. Because the firm has overseen mostly family assets since 2000, when outside money accounted for about $4 billion, they decided it made more sense to run it as a family office, according to the letter." Expect to see many more hedge funds based on family capital, for whom external investors are merely a nuisance, do the same thing.

From Bloomberg:

George Soros, the billionaire best known for breaking the Bank of England, is returning money to outside investors in his $25.5 billion firm, ending a career as hedge-fund manager that spanned more than four decades.


Soros, who turns 81 next month, will hand back the money, less than $1 billion, by the end of the year, according to two people briefed on the matter. His firm will focus on managing assets solely for Soros and his family, according to a letter to investors. Keith Anderson, 51, chief investment officer since February 2008, is leaving, said the letter, signed by Soros’s sons Jonathan and Robert, who are co-deputy chairmen.


“We wish to express our gratitude to those who chose to invest their capital with Soros Fund Management LLC over the last nearly 40 years,” they said in the letter. “We trust that you have felt well rewarded for your decision over time.”


The move completes Soros’s transformation from a speculator, who in 1992 made $1 billion betting that the Bank of England would be forced to devalue the pound, to philanthropist statesman, a role he first imagined for himself as a Hungarian émigré studying at the London School of Economics after World War II, according to Soros’s writings. In the last 30 years, he’s given away more than $8 billion to promote democracy, foster free speech, improve education and fight poverty around the world, he said in a recent essay.


Soros’s sons said they took the decision because new financial regulations would have made it necessary for the firm to register with the Securities and Exchange Commission by March 2012 if it continued to manage money for outsiders. Because the firm has overseen mostly family assets since 2000, when outside money accounted for about $4 billion, they decided it made more sense to run it as a family office, according to the letter.


The rule calls for hedge funds with more than $150 million in assets to report information about their investors and employees, the assets they manage, potential conflicts of interest and their activities outside of fund advising. Registered funds will also be subject to periodic inspections by the SEC.


“We have relied until now on other exemptions from registration which allowed outside shareholders whose interests aligned with those of the family investors to remain invested in Quantum,” the executives said in the letter, referring to its flagship Quantum Endowment Fund. “As those other exemptions are no longer available under the new regulations, Soros Fund Management will now complete the transition to a family office that it began eleven years ago.”

And some more on Soros' illustrious capital markets history:

While Druckenmiller was the architect of the $10 billion British pound trade, which forced the currency out of the European exchange-rate mechanism, Soros served as a coach to the younger man, encouraging him to increase his bet.


Druckenmiller left in 2000, together with another star manager, Nick Roditi, after losses when the technology bubble burst. Just two years before, the firm had been the biggest hedge fund in the world with $22 billion in assets, and Soros said it was too much money to manage in such concentrated positions.


After the departures, Soros decided to farm out more money to portfolio managers both inside and outside Soros Fund Management. He said he would settle for a 15 percent annualized return, about half of what the fund had posted since its start.

In 2007, as the subprime mortgage crisis was gaining speed, Soros again stepped in. Quantum returned 32 percent that year and posted an 8 percent gain in 2008, when funds on average dropped about 19 percent. Overall, Quantum Endowment grew from about $11 billion in June 2000 to today’s level.


The firm went through several chief investment officers, including Soros’s son Robert, before hiring Anderson, who was a co-founder at BlackRock Inc. and its global fixed-income chief.


The uncertainty about markets and Quantum’s 6 percent dive caused Anderson to sell positions in mid-June and the firm is now holding about 75 percent cash. It hasn’t been decided whether Jonathan and Robert will hire a new CIO, or whether they will add to their stable of external managers.


In the meantime, Soros continues to focus on his philanthropy and on voicing his views on macroeconomic events, such as the sovereign debt crisis in Europe.


“My success in the financial markets has given me a greater degree of independence than most other people,” Soros wrote in his recent essay. “This obliges me to take stands on controversial issues when others cannot, and taking such positions has itself been a source of satisfaction. In short, my philanthropy has made me happy.”

Expect nothing but the same day to day operations out of Soros Fund Management for whome $1 billion is a drop in the bucket.

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HelluvaEngineer's picture

Hell, I wouldn't want the SEC hanging around my secret volcano lair either.

sqz's picture

Anyone know does this Dodd-Frank reporting requirement apply to investment managers of hedge funds or hedge fund vehicles themselves? I mean could you be a $50bn manager with two $25bn offshore hedge funds and not be required to report?

caconhma's picture

I am sure (the $24B) it is all his money.

Like in the case of JP Morgan, the most of this money might belong to his Jewish masters in The City of London (Rothschild, etc.,)

Sudden Debt's picture

How much taxes do you think he paid last year?


Sudden Debt's picture

I always wanted one for myself to... all I have it this batcave but this guano shit is making me sick and everytime I fart the echo makes it sound like a atomic bomb... It's not exactly like they said it was going to be in the brochure.



doomandbloom's picture focus on working on his Death Star?

Dr. Engali's picture

Philanthropy makes him happy? I wonder how he feels about the burdens he put on people with his currency destruction?

schizo321437's picture

25 billion will fund a lot of pagodas.

Dr. Engali's picture

I agree withyou there but my point is he targeted a currency to take down and profit from. He had no concerns for the economic hardship it would cause, especially on the poor.

Smiddywesson's picture

People are always speculating on any given currency.  It is government spending, wacky economic theories, and corruption that destroy a currency.  Without this, no speculator can take down a currency.

StychoKiller's picture

As long as the creature from Jekyll Island walks among us, no one is safe!

buzzsaw99's picture

ain't he dead yet?

reader2010's picture

Shanghai is actively planning to allure hedge funds from NYC. But, I don't know who wants to move there.

Sudden Debt's picture

25 billion... Why do these guys keep working?

I would just buy Greece bonds and live from all the interests...


TheFourthStooge-ing's picture

25 billion... Why do these guys keep working?

Because there are still things they haven't yet taken away from others.


HL Shancken's picture

The Case of George Soros

By Honza Malina


Early life

George Soros was born in Hungary on August 12, 1930. According to his biography Soros was taught Esperanto language by his father who was a lawyer and doctor. It is important to notice that according to some sources Tivandar Soros [alias Teodoro Schwartz alias Teo Melas] was a POW in Bolshevik Gulag in Siberia after the 1917 October Revolution as he probably somewhat participated in the opposition, but the sources are unclear about that. [Of course this would open a possibility to recruit such people - and cases have been known......]

George Soros as a young man traded currencies on the black market during the Nazi occupation of Hungary. Soros lived there until 1946 when he left the country as it was under the Soviet occupation and he, without money and at age of 16, ended up in London, U.K. in 1947. According to claims Soros has made, he left his native Hungary because of the Soviet occupation.

Well, well, well .......

Simply said this must be explained to the American public because these facts are not possible to be true under any normal circumstances. Soros admits to trade currencies on black market but that was always punishable by death during the Nazi era in any occupied country. Also what is important is the allegation that Soros family collaborated with the Hungarian Nazi regime during the WW2.

That would make the whole family [no doubt] a target of reprisals from the victims of the Nazi regime and the occupying Soviet forces would treat Soros´s family very harshly [most of the high level Nazi collaborators were hanged]. The only way out of this would be an agreement to co-operate with the GRU Soviet [Russian] military intelligence or perhaps also with the NKVD [later KGB] espionage.

Young George was able to leave the country, he was able to make it through countless Red Army check points, without a passport that would be valid, without a Soviet approved permit to leave the country, without money and without any outside help.

Soros was not only able to "pass through" these check points but he was able to cross the border to Austria, where the Red Army was also present at the time, and Soros was able to get through the Red Army check points in Austria and "defect" to the West all the way to London, U.K.  Un-parallel achievement and because of my personal experiences as a political refugee who had to go through some difficulties escaping the communist oppression, I know what I´m talking about.

I don´t know how this Soros´s "life story" sounds to anybody but this is impossible to happen unless George had a permit and proper Soviet approved passport because if he was so brave to try to run these check points he would´ve been shot dead on a spot by the communists.

His stay in the U.K. and his 1947 enrolment to London School of Economics, and to be able to  financially support himself during that time, with no mentioned help or financial backing, and to be able to graduate in 1952 at that young age, this all gives me chills where I missed my own opportunities and how come I wasn´t able to be so "fortunate" and to have such "miraculous achievements" in my life.

Soros, after a brief period of working in financial services in U.K., was able to start his own financial institution. What an achievement again. No money at all from the beginning and after just a few years he´s got his own financial company. That requires starting capital, these ventures don´t come easy, these are not hamburger stands but virtual banks with lot of money inside - who supplied the money to Soros or has he won a huge jackpot in Britain ?

Please keep reading, it only gets thicker and better.

caconhma's picture

Yes indeed the Soros story has many "holes" and many "miracles".

As for the man "who devalued the British pound", well, this is the biggest miracles of all. The FED does it all the time. Just ask "comrade" Bernanke.

But Soros could not have Bernanke resources. The British establishment needed to devalue the pound but it would be very politically unpopular by then. So, here came the "magic man" who did it. For his deeds, Soros was handsomely rewarded.

The City of London hired the man. Then, like any other good agents, he would be doing “miracles” at the right time.

Just a few days ago, I came across info that American and British oligarchs (Rothschild, Oppenheimer, Warburg, and other banking families) started to remove its investments from the USA and Europe in anticipation of the US imminent default. Presently oligarchs are moving money to Asia and buying natural resources companies all around world.

May this is the Soros move all about and it was not just $1B but a much larger numbers.


HL Shancken's picture

Soros and the Perestroika fraud

In the previous Weekly Opinion I was able to present facts about the one Frantisek Janouch, a communist and also a financial backer of the leading "anti-communist dissidents" in Czechoslovakia who were able [by some un-known miracle] to set up an anti-communist [pretended] group called Charter 77. Well, George Soros was the main financial contributor to Charter 77 and also to the Polish Labor Union called Solidarity.

In case of Charter 77 Janouch claims that Soros supplied 1/3 of the total amount of money this Charter 77 Foundation in Stockholm was sending to the communist Czechoslovakia, to Havel and company.

According to my sources the sum of money that was coming to Czechoslovakia, from the Charter 77 Foundation, was gradually rising since the 1978-79 period.

From the first 107,594 Swedish Crowns in 1978 it was over half a million in 1989. [I don´t have the dollar exchange rate from that time but to illustrate how much money it was in the communist Czechoslovakia these amounts were astronomical - let´s say that the CZ Crown was about  0.20 Swedish Crown so it would be about 538 Thousand Czechoslovak Crowns the first year and over 2.5 million CZ Crowns in 1989 - for the people in the leadership of Charter 77 that was a lot of money].

Their secret local support is of course still secret the same way as the STB communist police dossiers of the leading members of the Charter 77 [Havel and company].

We also have to analyze the money flow and where they were coming from. Since Janouch claims that Soros was the biggest contributor to Charter 77 [and according to some sources Soros supplied all together $7 million to Charter 77 and Solidarity in Poland], but Janouch also stated that Soros only supplied one third of the total amount.

Where were the remaining money coming from ?

According to my phone conversation with the wife of former political prisoner and later, as a sort of token for the communists in 1990 [for 4 months] Deputy Czech Interior Minister, Mr. Miroslav Dolejsi [his analysis is worth reading], Mr. Dolejsi received some secret documents from Sweden that supposedly corroborated that Janouch´s Charter 77 Foundation was a GRU-KGB operation.

It is no secret that Mr. Dolejsi was attacked and beaten by some thugs who possibly worked for the CZ secret services and Mr. Dolejsi´s house was burglarized and these documents were stolen. 

There are other people who also allege that the money were coming directly from Moscow. Well, since Janouch was a communist and possible GRU agent, this is no surprise at all.

The question is:  Did Soros know this ?

Gold Dog's picture

This guy is Spookey!

EDIT- He seems conflicted in many ways. Made all that money in the capitalistic system yet seems determined to bring it down. Must have a tiny Johnson.

HL Shancken's picture

When George Soros showed up in Prague in 1997 to celebrate the 20th anniversary of Charter 77, he was all for Perestroika and he was praising the false dissident and alleged GRU agent Havel and his friends as the "saviors of democracy" in Czechoslovakia.

It was Soros in his own work who stated that he was present at the meeting in Prague on December 14, 1989 [a month after the "collapse of communism" in CZ and with communists still running the government] where Soros, Janouch, Karel Jan Schwartzenberg [then Chairman of the International Helsinki Human Rights Commission and later Vaclav Havel´s Chief of Staff] met with Czechoslovak newly appointed Prime Minister, a communist and allegedly KGB and STB agent Marian Calfa [who was till then the deputy PM during the openly communist era and remained as CZ Prime Minister under the appointed president Havel till 1992 !!!] and Calfa thanked Soros for everything he´s done for the country.

A communist thug thanks an American ´capitalist´ for helping to collapse the communist regime ?

Another detail about this fraud involves in 1984 uncovered KGB agent inside the CIA Karel Koecher, who, after his deportation from the United States and swift return to the communist Czechoslovakia, started working for the Prognosis Department of the Czechoslovak Academy of Sciences [Koecher was working there with the today´s Czech Republic president Vaclav Klaus - allegedly his real last name is Russian - Pruzhinskiy, and with the boss of this in fact STB communist espionage directorate Walter Komarek - a personal friend of Ernesto Che Guevara, and with others from the today Czech Republic´s government], and after the so called collapse of communism KGB agent Koecher became Deputy Advisor to president Havel. When this scandal was uncovered, Havel´s people promptly covered it up.

I am simply stunned how these kind of details are not understood by the West as what they are - a communist deception organized and prepared 30 plus years in advance by Moscow.

In case of Poland, we know that Solidarity was an Union and as such its leadership had to be members of the Communist Party ONLY [or communist agents]. Soros was allegedly helping the CIA to secretly finance the Solidarity, when the secret pact between the Pope John Paul II and unsuspecting [deceived] Ronald Reagan was established, and the later uncovered Polish communist agent Lech Walesa [code name BOLEK] and his "independent" Union were able to receive Soros´s money and help, through channels communists would normally shut down in matter of hours. Wow !

In his work Soros recollects about his 1989 Prague meeting with Calfa and says the following:

Together with Prince Karel Schwartzenberg [GRU used many times his Schwartzenberg Palace in Vienna, Austria for secured meetings - according to work of GRU defector Viktor Suvorov - HM note] we went to see Marian Calfa, who was then acting president. It was meant to be a courtesy visit but it turned into a moving occasion. Calfa opened his heart. He said that the last three weeks had really shaken his view of the world. He had not realized how far out of touch his party was with reality. He had had an intimate conversation with Jiri Dienstbier, the former political prisoner and newly-appointed Foreign Minister, and that is when he found out that dissidents´ children had been regularly denied the right to be educated in Czechoslovakia. (Dienstbier´s daughter had managed to get to Switzerland.) He was deeply ashamed and determined to establish democracy in Czechoslovakia. We all agreed that it was imperative to have Vaclav Havel elected president by the present rubber-stamp parliament; to organize a plebiscite would delay matters and create uncertainties. Havel as president would consolidate the "gentle revolution." Unfortunately, the leaders of the party do not agree with me but, as acting president, I have certain prerogatives and I intend to use them,´ he said. He sounded genuine and we were impressed. It was an unbelievable situation: the head of an apparatus of repression which only a few weeks ago hit students on the head voluntarily abdicating in favor of a dissident without an organization who would have trouble winning a plebiscite.

There are several lies in this statement. Calfa was never a president but a Prime Minister, he changed positions after he was for some years the Deputy PM in the communist Czechoslovakia.

Atlas_shrugging's picture

So this guy can funnel millions to his favorite pet liberal candidates but can't eat the cooking?

HL Shancken's picture

The statement of Soros about Dienstbier is as incorrect as ever. Here are the facts about Dienstbier:

Jiri Dienstbier - during the 1950´s and 1960´s journalist, alleged KGB or directly GRU cadre, as communist journalist he was able to travel around the World during the communist era in Czechoslovakia. Between 1958-69 he worked as foreign political commentator and editor for Czechoslovak [communist] Radio, between 1964-67 Dienstbier was the CZ Radio correspondent for the Far East and was in Jakarta, Indonesia at the time when there was [thank God unsuccessful] a communist coup. In 1968-69 he worked as foreign correspondent in the United States, possibly for communist party newspaper Red Right [Rude Pravo].  A CPCZ member since 1958 till 1970. Dienstbier is a founding member of Charter 77, a speaker of Charter 77 in 1979 and later in 1985. After the "collapse of communism" in Czechoslovakia, he became Czechoslovak Government´s Deputy Prime Minister in a government of PM Marian Calfa and Dienstbier later became CZ Foreign Minister. While in his post as Foreign Minister, Dienstbier was involved in various scandals regarding appointing various "former" communists and STB agents [STB foreign espionage section mostly] as Czechoslovak Ambassadors around the World. [report]

So who are you trying to fool George ?

When it comes to simple logic, how come Soros was allowed to set up his Open Society Institutions in the communist Hungary in 1984 and later in the Soviet Union in 1987 ?  Such ventures were only possible for communists or communist agents and NOT for an American businessman like Soros.

tip e. canoe's picture

Communism is Dead.  Long Live communism.

great thing about ol' Georgie is that some of his lies are so blatant, once one figures out the twisted logic of his thoughts, one can distill the truth out of everything he says.

HungrySeagull's picture

OMG, how many "Assholes" do we have in this place?

Crew all stand up: "ME!"

Movie Spaceballs.


Thank you Dood and Frank for keeping it all in the family now, no retail investors wanted or allowed. *PPPPFFFTTTHHHH!!!


HL Shancken's picture

So who are YOU, George ?


We have to again turn to Soros´s own words from his work:

When I went to Hungary to negotiate, I had a secret weapon at my disposal: the recipients of Open Society scholarships were ready and eager to help. On the government side, my negotiating partner was Ferenc Barta, who was concerned with foreign economic relations and looked on me as an expatriate businessman whom he was anxious to accommodate. He introduced me to the Hungarian Academy of Sciences and we concluded an agreement between the academy and the newly established Soros Foundation in New York (Open Society Fund was considered too controversial a name). We established a joint committee with an official of the academy and myself as co-chairmen. The rest of the members were independent-minded Hungarian intellectuals, approved by both parties. Both parties had the right of veto over the decisions of the committee. There was also to be an independent secretariat operating under the aegis of the academy.

Here we go again. Every communist Academy of Sciences was in reality a communist technology and science espionage directorate. These people were part of the systematic communist espionage and subversion operations oriented against the free World.

Soros had to know this. To make concessions to communists is also of interest to show, what kind of "real character" George Soros really is.

And to make it even more obvious we can ask the "true philanthropist" George this following question: Are you happy you were helping the communists to set up such institutions ?

The agreement between Soros and the communist government in Hungary had to be approved by the Communist Party General Secretary Janosz Kadar. Kadar was during the 1950s personally involved in torture and murders of anti-communist opposition members in Hungary, he is a Stalinist of the worst kind and Soros had to know real well who Kadar is. As an American citizen Soros did a great disservice to his country by supporting these communist criminals.

And let´s see another example from the same

Soros´s work:

Then came the stock-market crash of October 1987 and a reporter from the Hungarian radio interviewed me by telephone and asked me whether I was closing the foundation because I had lost my fortune. I explained to him the reasons why I refused to go to Hungary. It was a misunderstanding, I said, which was sure to be cleared up soon. The interview was broadcast and the authorities were embarrassed. I gained my points and paid a visit to Hungary; but, while I was meeting with the Prime Minister, the head of the propaganda department, Mr. Berec, personally imposed a ban on any interviews with me. The ban was broken within the week when Moscow TV reported my visit to President Gromyko in the Kremlin and, according to communist etiquette, Hungarian TV replayed it in Budapest. I was amused.

Amazing, simply amazing !

HL Shancken's picture

Well, this is not all, keep your hats on because the bombshell comes now. Soros tried and was able to set up his Open Society Foundation in the communist China in 1986. Read the following carefully.

I went to China [in 1986 - HM note] with Liang Heng, who became my personal representative, and set up a foundation on the Hungarian model with Chen Yizi´s institute as my partner. Boo Tung, Communist party General Secretary Zhao Ziyang´s principal secretary, cut through the red tape and approved the foundation on the spot.
Both he and the foundation got into a lot of trouble as a consequence because his political enemies tried to use the foundation as a vehicle for attacking him. They prepared an elaborate dossier which claimed that I was a CIA agent and anti-Communist conspirator. Boo Tung counter-attacked and presented voluminous information about my other foundations to prove my good faith. That was not too difficult because I had always been very open about my intentions and by 1987 I had also established a foundation in Moscow. Gromyko himself had put the seal of approval on it by officially receiving me in the Kremlin. Nevertheless, some high party council decided to liquidate the foundation and refund the money. It took the personal intervention of Zhao Ziyang to rescind the decision. He arranged for Chen Yizi to resign as cochairman and for the International Cultural Exchange Center, whose chairman turned out to be a high official in the security service, to take over as our host organization.

Again, if you don´t know how the communist criminal machine functions, you will take these deceptive statements from Soros as genuine truth.

Point 1) How exactly, George, can you prove, as an American citizen and therefore enemy of the communists, who was in fact able to set up such institute in China, how exactly you prove to the communist "justice" that you are NOT a CIA spy and anti-communist ? If they want to kill you, they will kill you.

Point 2) How is it possible, George, that the General Secretary of the Chinese Communist Party fixed the problem for you - this wouldn´t happen unless (UNLESS) Soros is a communist agent himself.

Point 3) To know about Chinese secret police involvement in an American Institute and to continue with such venture anyway is again the proof of the worst taste and probably a proof of being somebody else Soros is claiming to be.....

Point 4) Communists from China refunded the money to an American - Soros ? Are you kidding me ? Communists returning the money to a capitalist accused of being a CIA spy ? He would be lucky to get out of there alive if this was true about him.

Point 5) Since Soros was helping financially to collapse the communism in Eastern Europe, how is it possible that he is still alive ? How is it possible that the for example Russian GRU or Czechoslovak communist military espionage services didn´t send a commando unit to murder Soros for destroying their communist rule, if we accept the obvious nonsense, supported very actively by Soros, that communism has truly collapsed ? These communist espionage people are still there, none of their secret dossiers were ever made public, they are conducting the same kind of operations as during the openly communist era - why then is Soros still alive and has not been dealt with by these people ? And since he was already trying to establish an "Open Society" Foundation in the communist Hungary and Soviet Union, how come he was able to do the same in the still communist China that has never pretended to stop her oppressive communist rule and the hard-line communists are still in power over there ?

Deception, subversion, Russian communist Global strategy. Nothing else.

tip e. canoe's picture

he said it's the "utimate" bubble.   think about the connotations of what that actually means.

Id fight Gandhi's picture

As long as the worlds currency, the dollar, keeps falling aka gold rising there is no bubble.

PMs are alternatives to fiat and all fiat keeps falling. Whenever someone mentions gold in a bubble is thinking in dollar based commodities and industrial value. Maybe it's easier to say gold hasnt moved up but the dollar as fallen.

Oh yeah those arguments that gold can be ripped out of the ground for $10 or whatever an oz. Is total BS. If it was true it would be the highest margin business model in the world.

Aulieude's picture

Damn Tootin!  My spouse is a gold airlegger with over 20 years experience and let me tell you he don't come cheap!!!Add in all the infrastructure both above and below ground, extraction costs, shareholders, regulation, lease costs & taxes etc etc and there is no way this Beautiful barbaric relic comes out at $10 an ounce!  But hot damn it is pretty!

qussl3's picture

Well i certainly hope so, i need to buy more.

HungrySeagull's picture

Mr Soros: You are full of BUULLLSHITTT!!!!


I will make it work for me. No bubbles here.




One rich man's opinion does not matter when 8 Trillion People are filling the earth multiplying like rabbits.

HL Shancken's picture

A word about Jan (Honza) Malina.


Honza Malina is originally from communist Czechoslovakia, where he served in the air force before coming to the U.S. as a dissident. He has many connections in Czech anti-communist politics and for several years maintained a website where he posted many original articles exposing the truth about the staged collapse of the Soviet Union, including many exposes of American politicians and bureaucrats who collaborate with communist governments. His website is no longer in operation and he has made himself scarce.

Id fight Gandhi's picture

He knows his stuff and how to profit regardless of your opinion of him. They say it's a matter of timing and regulations, but when has that ever really mattered before.

So hes holdings will be even more hidden to anyone more than before,

Big message get out of this market sham and into metals.

holdbuysell's picture

"Expect to see many more hedge funds based on family capital, for whom external investors are merely a nuisance, do the same thing."

Wasn't it ZH that reported that Icahn (I believe it was Icahn) did the same thing at the beginning of this year?

Aulieude's picture

Does this not stink of family fiefdoms closing ranks now that they have ripped enough out of the system... Ahhh thank God we can return to the rightful order of things and be done with the foul (albiet temporarily necessary)encroaching bourgeois!  200 years is LONG ENOUGH!! 

I wish I could say sarc off/   :(

glenlloyd's picture

unintended consequences...seems DC boobs never think about the unintended consequences.


Sqworl's picture

I love George Soros!!! 

Stanley Lord's picture

George will probably die a bad death out of public view and after that his bank account will be emptied while everybody is blinking.

karmete's picture

Well done! Thank you very much for professional templates and community edition sesli siteler sesli sohbet

chinawholesaler's picture

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