Ron Arnold's Left Tracking Library

 

Open Society Institute
and Soros Foundations Network


OPEN SOCIETY INSTITUTE & Soros Foundations Network
Changing to Open Society Foundations (2010)

501(c)(3) Private Operating Foundation
400 W 59TH St 
New York,  NY  10019

Telephone: (212) 548-0600 
Fax:
1-212-548-4605  

Website: http://www.soros.org/
2008 Assets:
$1,928,806,825  
2007 Income:
$542,536,108  
EIN:
13-7029285
Founded 1993

Exempt since
November 1994

Self-Description: The Open Society Institute works to build vibrant and tolerant democracies whose governments are accountable to their citizens. To achieve its mission, OSI seeks to shape public policies that assure greater fairness in political, legal, and economic systems and safeguard fundamental rights. On a local level, OSI implements a range of initiatives to advance justice, education, public health, and independent media. At the same time, OSI builds alliances across borders and continents on issues such as corruption and freedom of information. OSI places a high priority on protecting and improving the lives of people in marginalized communities.


Actual:
A global network of dozens of Soros entities that have paid millions to overthrow governments in the Soviet Union, Serbia, Georgia, and the United States. The American agenda of Soros foundations has little system and is more a hodge-podge of Soros' personal interests, which tend to be leftist provocations more than steady programs. His personal attitudes about America are very negative and he regards capitalism to be the major threat to the world, as he once regarded communism to be. Soros makes no secret of his beliefs: he has written several books including "The Bubble of American Supremacy" and "Reforming Global Capitalism." The man who made it big because of America and capitalism now hates both and seeks to destroy them.
Soros foundations consist of national foundations in 29 countries, foundations in Kosovo and Montenegro, and two regional foundations, the Open Society Initiative for Southern Africa (OSISA) and the Open Society Initiative for West Africa (OSIWA). OSISA and OSIWA, make grants in a total of 27 African countries. In 2003, Soros said that removing President George W. Bush from office was one of his main priorities. During the 2004 campaign, he donated $23 million to various groups dedicated to defeating the president. He was less enthusiastic about helping Barack Obama in 2008, contributing only $4,400 directly, and $126,790 to all campaigns.

This MUCKETY MAP is interactive. Double click on small x in box to expand

 

Origin of the Wealth: George Soros is the founder of one of the first offshore hedge funds, the Quantum Fund, through which he accumulated vast wealth. Extreme leverage is a George Soros character trait. Most readers of the financial pages know about the spectacularly leveraged coup that earned him a billion dollars overnight in a giant gamble in 1992: He bet $10 billion—most of it borrowed money—that by selling enough sterling short he could force the Bank of England to devalue the British pound and make a killing.

Soros, with a keen grasp of money and politics, had calculated that bankers in the European Exchange Rate Mechanism (EERM), pegged to the German mark, would refuse to uphold the overvalued pound because at the time Germany had its own problems paying for reunification. They did refuse, so Britain pulled out of the EERM and tried to prop up its sinking currency by itself. Prime Minister John Major and Chancellor of the Exchequer Norman Lamont spent billions of the government’s foreign reserves buying back pounds, trying desperately to shore up the value of sterling in the face of the daunting speculative tsunami that Soros started.

They ran out of foreign reserves. The pound crashed. On a day known thereafter as Black Wednesday, September 16, 1992, British subjects woke up to find their money worth about 20 percent less than the day before when compared to American dollars, German marks or even French francs. Soros’ daring short position paid off—big.
Had he lost that bet, nobody would know his name today.

Almost nobody outside the financial markets knew his name then, or how he got the clout to pull it off, but the investment world knew it very well. In 1967, George Soros had been an arbitrage trader at a small New York City investment bank—just another drone—when he talked his employers into letting him start an offshore fund called First Eagle, long positions only, with $250,000 of his own money and $6 million of other peoples’. It went well, and two years later he launched Double Eagle, a hedge fund that would later become the Quantum Fund. He was 39.

His hedge fund was registered in Curaçao in the Netherlands Antilles, a Caribbean tax haven beyond U.S. regulation. All of its investors were also beyond U.S. regulation: very rich non-U.S. citizens, mostly European. Soros, who stayed in New York, was only its "investment advisor" collecting a management fee and a 15% incentive fee.
Like most hedge funds, Quantum specialized in high risk, short term speculation on stocks, bonds, commodities, currencies, stock options and derivatives, taking long and short positions and large leveraged positions. Soros took huge risks, spending mostly borrowed money and selling stocks the fund did not yet own. His success was astonishing: throughout the dismal bear markets of the 1970s, when most investors lost money, Quantum was profitable every year, sometimes paying double-digit returns.
In 1981, Institutional Investor magazine put him on the cover as "the world’s greatest money manager."

The name of his fund came from quantum physics, especially the indeterminacy principle of Werner Heisenberg. Soros liked "Quantum" as a symbol of the impossibility of accurately determining the future movement of markets as well as subatomic particles. He had developed his own theory that individual biases (e.g., the trend-following habits of speculators) introduce disequilibrium into an economy, so conventional "efficient market" theory doesn’t work. Soros extends his theory to just about everything, giving it the clunky name "reflexivity."

In finance, he uses it to explain "boom-bust cycles." He goes further, arguing that when any social enterprise begins to rise, whether a market, a business, a movement, or a nation, the biases of individuals (investors, executives, movement leaders, or statesmen) create instability. They build a bandwagon effect, overvaluing or overreaching, which creates an artificial "bubble" that eventually bursts.
Soros has attributed his hedge fund success—including the Bank of England episode—to his reflexivity theory. Others call it luck.

But there were thorns in the hedge: critics called him a "bandit" for his Southeast Asian currency raids. Others accused him of calculated hit-and-run tactics: quietly buying into a market—gold, for example, as he did in 1993—deliberately leaking his "secret," watching the bandwagon stampede drive the price up, then bailing out before the bubble bursts.

Quantum had only one losing year in its first two decades and George Soros got very rich. Even though he failed to predict the stock market crash of ’87 and took a $300 million hit, Quantum was actually up 14 percent for the calendar year—and his personal compensation of $75 million made him the second-highest-paid man on Wall Street.
1993, it earned him $1.1 billion. George Soros was the top earner on Wall Street, making more than the gross national product of 42 nations. He was no longer just a drone on the cusp of fame.

The money brought access and influence through his charities. From then on, he mixed with chiefs of state as if he were one of them. He even leveraged heads of state: in that same year he told a packed press conference in Romania that he had snubbed an invitation from the country’s president, Ion Iliescu, "for lack of time." He raced to the airport where his rented jet took him to the next country. He dined with the heads of Moldova and Bulgaria in a single day and told his travel companion, journalist Michael Lewis: "You see, I have one president for breakfast and another for dinner."

With tongue only slightly in cheek, he told Lewis of the influence his philanthropy had bought him in the former Soviet Union, "The Soviet Empire is now known as the Soros Empire." Yet this same man was known to have his chauffeur wait at the curb in Washington while he dashed in to the National Gallery of Art to admire a Vermeer, then get to the next appointment right on time. --From Ron Arnold's Freezing in the Dark: Money, Power, People and The Vast Left Wing Conspiracy


 

 

 

Soros playing God with public policy:
Criminal Justice: Soros personally believes that the American criminal justice system is racist, and that prison is an inappropriate punishment for most lawbreakers. For example: (a) OSI has established a “U.S. Justice Fund” to “diminish the role of prisons ... and to pave the way for the creation of a larger system of public health and social supports.” (b) In a related measure, the Institute created an “After Prison Initiative” focusing on “supporting the successful reentry of prisoners to their communities.” (c) OSI helps finance the Sentencing Project, which claims that prison sentencing patterns are racially discriminatory, and advocates in favor of granting voting rights to convicted felons. (d) OSI funds the Southern Center for Human Rights, which recruits lawyers to represent death row inmates and aims to reduce America’s alleged over-reliance on incarceration. (e) The Institute supports Critical Resistance, a program that impugns the “Prison Industrial Complex” for fostering the delusion that “caging and controlling people makes us safe.”

Open Society Institute
Officers, Trustees, Foundation Managers 2008

Name Title Compensation
GEORGE SOROS TRUSTEE/CHAIR $0
ARYEH NEIER TRUSTEE/PRESIDENT, CEO $461,963
LEON BOTSTEIN TRUSTEE $0
JONATHAN SOROS TRUSTEE $0
STEWART PAPERIN EXECUTIVE VICE PRESIDENT, TREASURER $289,670
RICARDO CASTRO GENERAL COUNSEL, SECRETARY $245,991
ANNETTE LABOREY VICE PRESIDENT $0
MAIJA ARBOLINO CHIEF FINANCIAL OFFICER $241,729
STEPHEN GUTMANN ASSISTANT TREASURER $106,288

Five Highest Paid Employees 2008

Name Title Compensation
HERBERT STURZ SENIOR ADVISOR $248,371
ANN BEESON EXECUTIVE DIRECTOR OF US PROGRAM $247,250
STEPHANIE BEHRENS DIRECTOR OF INTERNATIONAL HUMAN RELATIONS $242,201
YALAN TENG CHIEF INFORMATION OFFICER $240,638
GEORGE VICKERS DIRECTOR OF INTERNATIONAL OPERATIONS $215,000

Five Highest Paid Independent Contractors 2008

Name Type of Service Compensation
LAUFER GREEN ISAAC LLC PROGRAM STRATEGY $409,965
GIVING WORKS OSI SURVEY ANALYSIS $409,012
AGENDALESS CONSULTING INC IT SUPPORT $215,854
ISTANBUL BILGI UNIVERSITY PROGRAM SUPPORT $193,801
ROBERT SCOTT HORTON PROGRAM CONSULTANT $173,750

Open Society Institute Sample Grants

Grant Total: 

Number of Grants: 


Recipient Name
 

Amount

Year

Grant Description

DUCKS UNLIMITED
Memphis
Tennessee

$4,500

2006

 

HUMAN RIGHTS WATCH
New York
 

$100,000

2006

To support work on the human rights implication of domestic anti terrorism measures

GOVERNMENT ACCOUNTABILITY PROJECT
Washington DC

$100,000

2006

To support the science and engineering whistleblower campaign

SUNDANCE INSTITUTE
Beverly Hills
California

$75,000

2006

To support the re design and expansion of the Sundance documentary about the wrongful conviction and exoneration of Darry hunt

PROTEUS FUND
Amherst
Massachusetts

$200,000

2006

To support a donor collaborative for Collaborative grantmaking in the media policy arena

UNION OF CONCERNED SCIENTISTS
Cambridge
Massachusetts

$200,000

2006

To provide project support for the scientific integrity program

 

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