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Wednesday, August 11, 2010

Citi and Soros Economic Development Fund help create 1,400 new jobs in Haiti

PORT-AU-PRINCE, Haiti - Citi will partner with the Soros Economic Development Fund (SEDF), a non-profit social investment fund, to launch a professional training program for employees of apparel company CODEVI. This investment will help create 1,400 new full time jobs for Haitians over the next 12 months. The $250,000 Citi grant was announced in Port-Au-Prince today by Eugene M. McQuade, CEO Citibank, N.A.
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George Soros was born in Budapest, Hungary, in 1930. His father was taken prisoner during World War I and eventually fled from captivity in Russia to reunite with his family in Budapest. Soros was thirteen years old when Hitler's Wehrmacht seized Hungary and began deporting the country's Jews to extermination camps. In 1946, as the Soviet Union was taking control of the country, Soros attended a conference in the West and defected. He emigrated in 1947 to England, supported himself by working as a railroad porter and a restaurant waiter, graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank.

In 1956, Soros immigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity', which he has laid out in his recent books THE ALCHEMY OF FINANCE and THE CREDIT CRISIS OF 2008 AND WHAT IT MEANS. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.