Wednesday, October 27, 2010
Last updated at 7:41 AM on 27th October 2010
One of the world’s wealthiest philanthropists is backing a bid to legalise the marijuana industry in California.
Billionaire George Soros plans to make ‘a significant contribution’ to a state initiative to allow recreational use and small-scale cultivation of the drug, he said.
Californians will get the chance to vote on the move in a referendum next Tuesday.
Read more: http://www.dailymail.co.uk/news/article-1323988/George-Soros-backs-bid-legalise-marijuana-California.html?ito=feeds-newsxml#ixzz13ZpImLQM
Soros, a high-profile liberal and philanthropist, has long backed drug law reform. He was one of the top financial backers of California’s first-in-the-nation measure that legalized medical marijuana in the state in 1996.
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George Soros -- Chair, Soros Fund Management LLC and Founder, Open Society Institute Columbia University World Leaders Forum
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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.