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Wednesday, July 27, 2011

George Soros Exits Hedge Fund Business

David Faber has the details on George Soros plans to stop managing money for outside investors. "he's 81 years old, first of all. by the way, he was very involved in '08. focused on his foundation. giving back $1 billion. virtually no outside money. it's all his money at this point. $24 billion plus that we're talking about that will remain there. not done the greatest job in terms of performance. icahn is still in the mix. this is all about the s.e.c. miller gave back his money , don't have to have sign up with the s.e.c. icahn gave back his investor money, doesn't want the headaches, because he doesn't want the s.e.c. and soros is the same" says David Faber

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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.