Who is George Soros? George Soros, an American billionaire investor, has been making headlines recently due to his comments about the Adani Group report by Hindenburg Research and Gautam Adani’s connections with Prime Minister Narendra Modi. He wanted to know why PM Modi was silent and not answering questions from foreign investors or in parliament. This was George Soros, a billionaire investor, speaking ahead of the Munich Security Conference (MSC).
This will significantly weaken Modi’s grip on India’s federal government and allow for institutional reforms. Soros said that while I might be optimistic, he expects a revival of democracy in India.
Smriti Irani, Bhartiya Janta Party’s Union Minister, criticized Soros’s questioning of PM Modi’s silence on the Hindenburg report about Adani. She said these comments were an “attack against India” that cannot be tolerated.
Soros has made several comments against PM Modi and India in the past. He also criticized the Indian government in 2020, while speaking at a World Economic Forum (WEF), Davos. He said that nationalism was moving forward and that this was India’s “biggest setback.”
Who is George Soros?
George Soros, a Hungarian-American billionaire investor, short-seller, and philanthropist is George Soros. His family was a wealthy Jewish family from Hungary. He was born to them in 1930. They changed their names from “Schwartz” to “Soros” to conceal their Jewish identity amid rising antisemitism. His family was one of the few that survived the Holocaust by buying forged identity papers.
Soros himself said that instead of accepting our fate, he and his team fought against an evil force much stronger than us. Yet, they prevailed. We not only survived, but we also managed to help others.
Soros fled to London after the War when communists had consolidated their power in Hungary. He received a degree from the London School of Economics. Soros became an investment banker, and in 1969, he opened Double Eagles, his first hedge fund. He founded Soros Fund Management in 1973 and was one of the most successful investors in American history.
It is “a network of foundations and partners in over 100 countries”. Soros supports a wide range of human-related issues, including providing scholarships for black South Africans during apartheid and encouraging academic exchanges between Communist Hungary and the United States to promote medical marijuana and support same-sex marriages.
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What did George Soros think about PM Modi?
Soros claimed that Modi would have to answer questions from Parliament and foreign investors about the Adani group’s allegations in a speech at the Munich Security Conference on Thursday. Soros claimed that Modi and Adani, a business tycoon, are “close allies” and their fates are intertwined.
“Adani has been accused of stock manipulation, and his stock plummeted like a house made of cards. Modi has not spoken out on the matter, but he will be required to answer questions from foreign investors. He also added that he did not have any evidence to support his claim.
Soros has criticized Modi’s Indian PM before. He stated that India’s 2020 election saw a “huge and frightening setback” with Narendra Modi, an Indian democratically elected president, creating a Hindu nationalist state and imposing punitive actions on Kashmir, a semiautonomous Muslim region, and threatening to take millions of Muslims from their citizenship.
Indian Union Minister Smriti Irani lashes out at George Soros
The ruling party hit back at George Soros, claiming that his remarks were an “attack on India” and an attack on the silence of PM Modi over the Hindenburg report about Adani.
Smriti Irani called him an “economic war crime” and “a man that broke the Bank of England”. She said Soros had declared his “ill intents to interfere in India’s democratic processes”, and that he wants a government that can be flexible to his needs.
Significantly, he announced funding of over a billion dollars to specifically target Prime Minister Modi. “I call on every individual and organization, social or political to denounce this individual’s intention to demonize democracy, weaken democratic interests, and bring an onslaught on the economy of India all for his gain,” Irani stated at Friday’s press conference at the party headquarters.
His controversies
The man that ‘broke’ the Bank of England
Soros is known in the UK as the “man who broke the Bank of England” (22nd December 1992). Soros borrowed pounds, then sold them. This caused the sterling price to plummet on the currency markets and ultimately lead to the UK’s exit from the European Exchange Rate Mechanism. In the entire process, his Quantum Fund made $ 1 billion.
Soros’ connection to protests
Recep Tayyip Turkey claimed that Osman Kavala was supporting Soros in 2018, according to The Washington Post.
Trump claimed in 2020 that Soros and other financiers are financing anti-fascist or Antifa protesters.Did Soros ‘helped Nazis’?
This conspiracy theory against Soros is one of the most vile. There were also allegations that Soros had aided the Nazis and forsaken his fellow Jews. Rosanne Barr, a controversial actor, tweeted in 2018 “By the Way George Soros was a Nazi who turned his fellow Jews in to be murdered at German concentration camps & stole there wealth.”
However, Soros denied all allegations and stated that he had never taken property from Jews.
George Soros Biography
George Soros founded Open Society Foundations, which has a net worth exceeding USD 8.5 billion. It grants to individuals and groups that promote democracy, transparency, and freedom of expression.
Soros was born in Budapest, in 1930 to a wealthy Jewish family. In 1944, the Nazis invaded Hungary and disrupted his early life. To avoid being sent to a concentration camp, the family disbanded and used fake papers. To hide their Jewish identity, they changed their names from “Schwartz” to “Soros”. They moved to London in 1947.
According to Encyclopedia Britannica, he worked as a train porter and waiter at the London School of Economics.
Soros was a student of philosophy at the LSE under Karl Popper, but he abandoned his plans to become an author. Investment banking Attracted him, he joined Singer & Friedlander, a London merchant bank.
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His Career
He moved to New York City in 1956 as an analyst for European securities. His success was rapid. In 1969, he opened Double Eagle, his first hedge fund. He founded Soros Fund Management, later Quantum Endowment Fund, in 1973. This hedge fund went on to create a variety of companies and was one of the most successful investors in American history.
Although his bold investment decisions allowed the funds to grow quickly, not all of his gambles paid off. Although he correctly predicted the global stock market crash in October 1987, he wrongly predicted that Japanese stocks will fall the most.
He was a well-known hedge fund tycoon who managed client money in New York between 1969 and 2011.
Both hits and misses
Soros made a profit of approximately USD 1 billion by shorting the British pound in 1992. He made billions of dollars in the days before the devaluation of the sterling pound by the British government in September 1992. Most of this was borrowed money. Britannica reports that Soros purchased back pounds and repaid the money he borrowed.
He was known as the Bank of England breaker
His instincts failed him two years later when he speculated on the possibility that the value of the dollar would increase against the Japanese yen. He lost hundreds of millions in a single day after the dollar plummeted throughout the year.
While he denied any involvement in the speculative attacks against the Thai baht in 1997, Soros was linked to the financial crisis that hit South East Asia in the year following. Mahathir bin Mohammed, the Malaysian Prime Minister, singled out Soros as the reason for the fall of the ringgit.
Soros was convicted by a French court in December 2002. Insider trading For a 1988 stock deal that involved the financial services company Societe Generale. The fine was 2.2 million euros (USD 2.9 million).
In July 2011, Soros declared that the Quantum Endowment Fund would cease to manage outside investors’ money because of new federal regulations regarding hedge funds. It would instead handle Soros’ assets and those of his family.
His Philanthropy & Political Activism
Open Society Foundations was established by Soros in 1984 using a portion of his wealth.
His website states that he “has given away more than USD32 billion of his personal wealth” to finance the Open Society Foundations’ work all over the globe.
His wealth and influence have been used to fund political reform and change funding. He pledged USD 1 Billion to help fund a network of universities to combat the spread and expansion of nationalism in 2020.
He has also been critical of former US President Donald Trump and Chinese President Xi Jinping, just like Modi.
Soros attacked Modi’s government in 2020 while addressing an event at the World Economic Forum (WEF), Davos. He said nationalism was moving forward and India was the “biggest setback”.
He stated that India’s biggest and most terrifying setback was when a democratically elected Narendra Modi created a Hindu nationist state, imposing punitive actions on Kashmir, a semiautonomous Muslim region, and threatening to take millions of Muslims from their citizenship.
He stated that Modi would have to answer questions from Parliament and foreign investors on Thursday about the allegations against Adani.
The Adani group has come under intense pressure since Hindenburg Research, a short-seller in the United States, on January 24, accused it of stock manipulation and accounting fraud. These allegations were denied by the conglomerate as “malicious”, unfounded, and an “attack on India”.
The listed companies of the group experienced a drop in market value of more than USD 125 billion within three weeks. However, the opposition parties both inside and outside Parliament criticized the BJP government for its meteoric rise as a ports-to-energy conglomerate. The stock prices of many group companies have risen over the past few days.
He is a long-standing American Democratic Party donor. In fact, he donated USD 125 million to a super PAC in advance of the 2022 midterm elections.
In 2010, Soros donated USD 100 Million to Human Rights Watch.
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