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Tuesday, October 26, 2010

George Soros: Financier and Marijuana Supporter

By Shira Ovide

He is the man who nearly broke the Bank of England. And in an intriguing headline in today’s WSJ, readers are reminded that hedge-fund maven and philanthropist George Soros also backs the legalization of pot.
“Our marijuana laws are clearly doing more harm than good,” Soros writes in his opinion column. Soros said he advocates regulating and taxing marijuana, and he blames racial prejudice on pot laws in the U.S.
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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.