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George Soros And His Open Society Foundations

It was recently announced by New York Times that billionaire George Soros has donated $18 billion dollars to the philanthropic Open Society Foundations. This donation had been occurring over the past several years. Soros is a Hungarian born businessman and philanthropist. His higher education consists of a bachelor’s degree from the London School of Economics and a Master’s degree in philosophy.

Soros initially struggled to find work after graduating and for a time he worked as traveling salesman. He was finally hired by a merchant bank, Singer, and Friedlander, in 1954. He was encouraged by a co-worker to apply to the New York-based banker F.M. Mayer. He was hired and moved to New York City in 1956. Specializing in European stock, Soros worked for F.M. Mayer until 1959, at which time he transferred to Wertheim & Co., this time analyzing securities in Europe.

In 1963 Soros moved to Arnhold and S Bleichroeder, and he became vice president. It was at Arnhold and S. Bleichroeder that Soros created the Double Eagle hedge fund and Soros Fund Management. The Double Eagle hedge fund was worth $12 million by 1973, $8 million more than the initial investment of $4 million. Also in 1973 Soros left Arnhold and S. Bleichroeder, becoming fulltime chairman of Soros Fund Management.

It was around this time that George Soros began to become active in the political realm. Throughout the 1970’s he funded anti-communist dissidents throughout Central and Eastern Europe. Some notable recipients of Soros’s funding include Czechoslovakia’s Charter 77, the Solidarity movement in Poland, and Andrei Sakharov in the Soviet Union. Even after the fall of the Soviet Union, Soros played a role in helping nations peacefully remove communist governments and install democratic ones.

In 1984 Soros founded the Open Society Institute in Budapest, which would grow to become the Open Society Foundations. The Open Society Foundations operate globally, spreading peace and educating the masses. The Open Society Initiative for Southern Africa, run in Zimbabwe by Godfrey Kenyenze, is a force for bringing about regime change throughout South Africa, promoting democratic governments instead of dictatorships.

Soros has also donated $50 million to the Millennium Promise, which operates throughout the entire continent of Africa. The Millennium Promise seeks to end extreme poverty by providing education, agricultural skills and advanced medical care to some of the poorest people on the planet. Soros’s recent donation of $18 billion will continue to fund these efforts and efforts like them.

Visit More : www.forbes.com/profile/george-soros/

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