George Soros Donates $18 Billion To His 'Open Society' Foundation

Hungarian-born billionaire investor George Soros is pledging $18 billion - the bulk of his $26 billion fortune – to his Open Society Foundation, completing the integration of his family office, Soros Fund Management, and the charitable organization that serves as a front for Soros’s globalist agenda.

WSJ reports that the gift has vaulted Open Society to the top ranks of philanthropic organizations. It now appears to be the second largest such organization in the US by assets after the Bill and Melinda Gates Foundation, based on 2014 figures from the National Philanthropic Trust. Soros, who is 87, shares influence over the investment firm’s strategy with Open Society’s investment committee. Soros serves as the committee’s chairman, but the committee was set up to survive him, he said.

“It’s an ongoing process of migration from a hedge fund toward a pool of capital deployed to support a foundation over the long term,” said Bill Ford, a committee member and the chief executive of General Atlantic LLC, a firm that invests in growth-stage companies.

However, Bloomberg reported that the transfer of funds was authorized to help minimize a tax bill hedge fund managers are facing this year. Money managers have until the end of the year to pay taxes on fees they earned from assets in offshore funds, but had earlier deferred payment on. Many are now turning to charitable donations, including to their own foundations, to help offset the tax burden.

Tax experts have estimated that collectively managers have at least $100 billion offshore, based on tax-advisers’ conversations with clients, brokers and fund-service providers. A New York-based money manager such as Soros could be subject to a top federal income tax rate of 39.6%, not including state and local taxes. When Congress eliminated the tax break in 2008 during the aftermath of the financial crisis, it gave hedge fund managers until Dec. 31, 2017 to bring the cash home and pay the accumulated taxes.

It's believed that most of Soro's wealth is tied up with his family office. At the end of 2013, Soros had amassed $13.3 billion in his Soros Fund Management through the use of deferrals, according to Irish regulatory filings. Since it's unclear how much the fund's assets have grown since then, it's difficult to tell what percentage of the fund's assets the donation represents.
 

Soros founded Open Society in 1993 and has used it to support pro-Clinton groups and Super PACs, as well as leftist groups like Black Lives Matter, and other leftist groups that purportedly have links to local Antifa organizations.

Soros has also given more than $33 million to the Black Lives Matter groups involved in the social unrest in Ferguson and Baltimore.

Sources close to Soros told WSJ that he doesn’t plan to trade the billions that now belong to Open Society. After stepping back from active management in 2000, Soros came out of retirement in 2007 to bet against the housing market, and has had several notable trading successes in recent years – including a profitable bet on S&P 500 puts ahead of the June 2016 Brexit vote. His most recent trade was a bet that stocks would slump following Trump’s election.

Instead, the Dow Jones Industrial Average climbed above 23,000 for the first time on Tuesday.

Several states have accused Soros of inappropriately meddling in local affairs. Israel accused the philanthropist billionaire of "continuously undermining Israel's democratically elected governments.” Meanwhile, Soros’s support for refugees brought him into conflict with Hungarian President Viktor Orban, formerly a friend of the billionaire. Orban has accused Soros of being a political puppet master, and officials in his government have described Soros’s Open Society charities as “political activism disguised as NGO work.":

Soros, who has lived under both communism and Nazi occupation in Hungary, hoped to foster “open societies” in places where authoritarian governments held power. He named his foundation after a book by the philosopher Karl Popper, one of his teachers at the London School of Economics, who was a notable defender of liberal democracies.

As WSJ explains, Open Society operates through a network of more than 40 foundations and offices in countries from Afghanistan to South Africa and has a broad mandate to act on its founder’s values. OS organizations have funded refugee relief, public-health efforts and programs including a mobile court for gender crimes in the Democratic Republic of the Congo. The philanthropy also advocates for rights of the Roma, one of Europe’s largest ethnic minorities.

Responding to rumors that the firm is becoming more risk averse, one of Soros’s portfolio managers told WSJ that the firm would still look for opportunities for profitable macro trades, but that those opportunities would be smaller and more fleeting.

Though Soros has been a vocal opponent of President Donald Trump’s agenda, he once hired Treasury Secretary Steven Mnuchin to run a credit business at Soros.

It’s long been known that most of Soros’s fortune would eventually go to Open Society, though Soros previously funded it with annual donations. He plans to give it most of the rest of his wealth in his lifetime or upon his death, said people familiar with the matter, pushing its assets above $20 billion.

Soros Fund Management’s annual returns have averaged around 11% in the past 10 years, according to a person familiar with the figures, well below the 30% of its early decades.

Soros has about $6 billion in private-equity and related investments, including African cellphone towers and a stake in a restaurant chain called Dinosaur Bar-B-Que. The overseers of this chunk of money report to Open Society’s investment committee.

Soros is best known for building one of the world’s largest fortunes through a series of super-profitable trades. In September 1992, the Bank of England left the European Exchange Rate Mechanism under pressure from speculators, including Soros, who had been aggressively shorting the pound.

The trade netted Soros a profit of $1 billion and earned him a reputation as the man who broke the Bank of England. 

Comments

ClickNLook Rapunzal Tue, 10/17/2017 - 22:06 Permalink

1. Create a charitable foundation which would donate like up to 3% to charitable causes, which would be on the higher end of most of these.
2. Donate most of the salary to that foundation pre-tax.
3. Buy all property, cars, gas, travel, food, any other possessions from the foundation as operational cost.
4. Claim Earned Income Credit on tax returns.
5. Live happily ever after and brag a lot about being so giving for the causes.

In reply to by Rapunzal

Conax BarkingCat Tue, 10/17/2017 - 21:26 Permalink

First Book- He lied and tricked Eve so she broke the only law there was, then she nagged Adam to break it, too.  This got them kicked out of Paradise and made to scratch a hard, miserable living from the ground and finally die.  All humans must now work and toil their lives away, get ill, suffer and die. Did it all with the power of the lie.He technically killed all of us.  I'd say that qualifies.Jesus Saves. Remember, you heard it here first.

In reply to by BarkingCat

Conax ClickNLook Tue, 10/17/2017 - 22:02 Permalink

For all I know, Genesis may have been allegory written by Moses to instruct the people how to be tolerable to their Creator which he met personally.  It may have been literal but simplistically written in the style of the day.  It is only a bone of contention to atheists that can't tolerate anyone with faith since they have rejected such notions in favor of materialism.I'm not a preacher (fer sure) but the Bible is available to all to learn if they wish.  Or not.

In reply to by ClickNLook

deer_flasher Conax Wed, 10/18/2017 - 08:59 Permalink

Then eve is the scumbag, she did what she was told NOT to do, is like some dude telling me to throw a baby in an oven, you don't do that shit...And by the way, the bible are just fairy tails written by peasants, god doesn't exist, jesus might have existed as a cool dude in the desert, but that's about it.

In reply to by Conax

in4mayshun BarkingCat Tue, 10/17/2017 - 22:00 Permalink

Satan lied to Eve, essentially killing her and all her offspring. He killed Job's entire family. He enticed 1/3 of the angels to rebel against God, many of whom become nephlim and killed other humans. Satan introduced hate, greed, murder, envy, and lust to the human family. Seems pretty obvious that he is responsible for all suffering. Your reasoning is like saying Hitler never hurt anyone because he never personally tortured and killed anyone.

In reply to by BarkingCat

Nobodys Home jcaz Tue, 10/17/2017 - 21:18 Permalink

Whaddaya get for interest on that savings account? You should donate that to your wallet. You can always redeposit the cash if you need it.

Let to much cash build up and when you withdraw just a little of it every once in a while you'll be flagged for "structuring"..take out a lot and you'll be flagged for money laundering.
You don't have a "foundation"

In reply to by jcaz

847328_3527 NoDebt Tue, 10/17/2017 - 20:41 Permalink

Soros is throwing Billions into various elections throughout the USA. For example, he funded all the left wing Dem fanatics in Houston who sadly beat the republicans---mayor, DA and the alt left police chief Acvedo ( who harens from laib Cali and Austin). He is now funding the opponent of Corey Stewart in Va. and Abbott in Texas. The guy hates America and seeks a "cultural revolution" of violence, death and destruction.

In reply to by NoDebt

chubbar NoDebt Tue, 10/17/2017 - 21:20 Permalink

What kind of an asshole do you have to be to dedicate your life's earnings to fucking up the world? He can't honestly believe that stripping sovereignty and thus control of one's gov't (not that it is working out that well) is the way forward to improving the life of the average joe. He's basically behind every stupid fucking moron in antifa who is trying to shut down free speach, in addition he's funding BLM. Just the fact he thought Hillary was the candiate best suited for the presidency tells you how fucked up he is. I can't see how we can overcome that amount of funding, he can start a civil war with that kind of money.

In reply to by NoDebt

Free Man Tue, 10/17/2017 - 20:31 Permalink

Jews First Soros demands massive immigration into the US & Europe while he supports violently enforced Israeli immigration laws which specify JEWS ONLY.The '6M Jews, 5M others, & gas chambers' are scientifically impossible frauds. see the 'holocaust' scam debunked here:http://codoh.comNo name calling, level playing field debate here:http://forum.codoh.comThe 'holocaust' storyline is one of the most easily debunked narratives ever contrived. That is why those who question it are arrested and persecuted. That is why violent, racist, & privileged Jewish supremacists demand censorship. What sort of truth is it that denies free speech and the freedom to seek the truth? Truth needs no protection from scrutiny.

LetThemEatRand Tue, 10/17/2017 - 20:33 Permalink

The ultimate tax dodge -- a charitable foundation.  Gotta love the oligarchs.  They tell us all how we need to pay taxes to support the government, while they make sure their wealth goes to a private entity they control (presumably to be run by his son upon his death).

nmewn LetThemEatRand Tue, 10/17/2017 - 20:52 Permalink

All they have to do is say its for...the chiiilrun...or...edukashun...(because there's never EVER enough money for education regardless of the results!...its the self identifying mark of a thief)...and/or starving Haitians and everyones on board...naturally...or you're a razzzist baby killer.Its enough to make you sick.And millions of useful idiots still fall for it.

In reply to by LetThemEatRand