Billionaire Financier Hosted Fundraiser For Warren In New York October 19
BOSTON - With Scott Brown’s historic STOCK Act cracking down on insider trading moving through Congress, the Brown campaign today called on Elizabeth Warren to repudiate her strong supporter George Soros – the billionaire financier who has been convicted of insider trading – and return the thousands of dollars of campaign contributions she received from him and his family, as well as the money raised at the Manhattan fundraiser he hosted for her in October.
During a television interview on WFXT this morning, Warren said she only takes money from “good people” on Wall Street – click HERE for video:
WFXT’S SHANNON MULAIRE: You talk about fighting against Wall Street, but you’ve also taken money from them in terms of your donations.
ELIZABETH WARREN: It’s because there are some people on Wall Street – some very good people on Wall Street – who look around and say, ‘We do need some rules here, we need some transparency …’
MULAIRE: All of that money is from those people, you know for sure?
WARREN: Let me put it this way: they know what they’re getting when make a contribution to my race. I don’t change my point of view for anybody. I have been fighting Wall Street for years and years and years.
On October 19, 2011, Soros hosted a $1,000-a-head fundraiser for Warren in New York; that same month, Soros’ insider trading conviction – in which he was charged with pocketing more than $3 million from a French bank – was upheld by Europe’s highest human rights court. According to FEC reports, Warren has taken $11,500 from Soros and his family.
“Elizabeth Warren is a hypocritical elitist,” said Jim Barnett, Campaign Manager for Brown for Senate. “She eagerly accepts Wall Street campaign contributions, even as she criticizes others for doing the same. As it turns out, one of her biggest supporters is George Soros, who was convicted of insider trading. Warren should immediately return the Soros family contributions, as well as the tainted campaign contributions from the Manhattan fundraiser he hosted for her in October.”
Soros has also been described as the “man who broke the Bank Of England” and he has a reputation for “destabilizing world currencies and wrecking the economies of nations.”
Warren Has Received $11,500 From The Soros Family. (Federal Election Commission,www.fec.gov, Accessed 2/14/12)
In October 2011, A European Court Upheld An Insider Trading Conviction Against George Soros For Pocketing More Than $3 Million In Shares Of A French Bank. ”George Soros, known as one of the world’s savviest investors, should have realized that he risked violating insider trading laws when he pocketed more than $3 million from dealing in shares of the French bank Societe Generale two decades ago, Europe’s highest human rights court ruled on Thursday.” (Nicola Clark, “Soros Loses A Challenge To A Verdict On Trading,” The New York Times, 10/7/11)
The Court Said Soros “Could Not Have Been Unaware That His Decision To Invest” Risked Violating Insider Trading Laws. ”‘Mr. Soros was a famous institutional investor, well known to the business community and a participant in major financial projects,’ the court, which is based in Strasbourg, said in a statement about its ruling. ‘As a result of his status and experience, he could not have been unaware that his decision to invest’ risked violating insider trading laws. The court added that, given ‘there had been no comparable precedent, he should have been particularly prudent.’” (Nicola Clark, “Soros Loses A Challenge To A Verdict On Trading,” The New York Times, 10/7/11)
Soros Was Convicted Of Insider Trading When A Paris Court Found He Had Bought And Sold Shares Of Societe Generale With Knowledge The Bank Might Be A Takeover Target. ”Mr. Soros, 81, was convicted of insider trading in 2002 by a French appeals court and fined 2.2 million euros – the equivalent of what he was accused of making – after a Paris court found that he had bought and sold shares of Societe Generale in 1988 with the knowledge that the bank might be a takeover target. Two co-defendants, one of them a former senior official of the French Finance Ministry, were acquitted.” (Nicola Clark, “Soros Loses A Challenge To A Verdict On Trading,” The New York Times, 10/7/11)
In July, Soros Closed His Hedge Fund To Outside Investors Ahead Of Regulatory Changes That Could Result In Increased Scrutiny For Hedge Funds That Manage Money For Private Investors. ”Soros Fund Management, the hedge fund founded by billionaire investor George Soros, has officially closed its doors to outside investors, according to a letter to clients Tuesday. The fund’s Quantum Group will complete its transition to a “family office” ahead of regulatory changes due to take effect early next year that could result in increased scrutiny for hedge funds that manage money for private investors.” (Ben Rooney, “Soros Hedge Fund Is Now A $25 Billion Family Matter,” CNN Money, 7/26/11)
Soros Privatized His Fund To Escape New Reporting Requirements Instituted Under Dodd-Frank. ”There’s a two-word explanation for closing what was once one of the world’s biggest hedge funds and consistently one of the best-performing — with returns of about 30 percent annually in its first 30 years: Dodd-Frank. The law requires hedge funds to register with the Securities and Exchange Commission and provide information about customers, employees and assets. By returning outsiders’ money, Soros Fund Management escapes that rule and the loss of privacy that goes with it.”(Katherine Burton and Roben Farzad, “Soros Goes Private As Golden Era Of Rock Star Traders Concludes,” Bloomberg, 7/28/11)
Soros’ Operates A $25 Billion Hedge Fund. “As part of the change, the fund will return $1 billion to private investors by the end of the year, according to a person familiar with the matter. That translates to about 3% of the $25 billion the fund has under management.” (Ben Rooney, “Soros Hedge Fund Is Now A $25 Billion Family Matter,” CNN Money, 7/26/11)
Soros Has Also Been Criticized For Speculating On The Collapse Of Asian Currencies In The Late 1990s. ”Soros has been criticized in some quarters for speculating on the collapse of Asian currencies in the late 1990s.” (“European Court Rules Against Soros In Trading Case,” The Associated Press, 10/6/11)