Love2Sexy Graphics | George Soros: The Billionaire

Who made a fortune and became one of the great philanthropists of the twentieth century, George Soros has led a remarkable life.

Soros offers exclusive glimpses at an often misunderstood man, revealing a shy character whose own struggle to escape the Nazis left him with the adamant belief that people of the world are entitled to live without the fear of oppression. Enigmatic, contradictory, and inspiring, George Soros is one of the most intriguing and globally influential men of our time. George Soros was once described as "the only private citizen [of the U.S.] who has his own foreign policy."

Like Intel chairman Andrew Grove, whose memoir Swimming Across touches on some of the same territory, Soros grew up as the scion of a Hungarian Jewish family, many of whose members did not survive the Holocaust. Inclined toward philosophy (a field in which he sometimes writes even today, though many philosophers wish he would not), Soros escaped to England, and later America, and put his sharp mind to work making a huge fortune. Not content to live a leisurely or unexamined life, Soros put more than $1 billion to use in bettering the lives of citizens of formerly totalitarian regimes--and even in hastening the end of dictatorships around the world.

Currency speculation. How Soros Makes Billions..

Soros' Quantum Fund makes money by anticipating economic shifts around the world. Soros thought the British pound would lose value because of political and economic pressures. He borrowed billions of pounds and converted them to German marks. When the pound collapsed Sept. 16, Soros repaid the pounds at the lower rate and pocketed the difference. His profit: $1 billion!

On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.

Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed "the man who broke the Bank of England."

The Times October 26, 1992, Monday quoted Soros as saying: "Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell."

According to Steven Drobny, Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. "Soros' contribution was pushing him to take a gigantic position," in accord with Druckenmiller's own research and instincts.

In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member. Later, he called Soros a moron. Thai nationals have called Soros "an economic war criminal" who "sucks the blood from the people".

Criticism of financial activities

In an August 2004 appearance on Chris Wallace's FOX News Sunday, Former Speaker of the U.S. House of Representatives Dennis Hastert (Republican), stated, "We don't know where George Soros' money comes from. We don't know where it comes from, from the left, and you don't know where it comes in the right. You know, Soros' money, some of that is coming from overseas. It could be drug money. We don't know where it comes from." Soros responded to Hastert by saying, "by smearing me with false charges and mischaracterizations, you are attempting to stifle critical debate and intimidate those who believe this administration is leading the country in a ruinous direction. Now that I have called you on your false accusation, you are using additional smear tactics". Soros filed an official complaint with the House Committee on Standards of Official Conduct. Soros claimed that Hastert's comments "strongly suggests a deliberate effort to use smear tactics, intimidation and falsehoods to silence criticism."

In 2006, Hastert criticized Soros again, this time in regards to the controversy over whether or not Hastert should have acted on information regarding Rep. Mark Foley: "The people who want to see this thing blow up are ABC News and a lot of Democratic operatives, people funded by George Soros".