George Soros, the billionaire hedge-fund manager and philanthropist best known for breaking the Bank of England in 1992, will return capital to investors in order to avoid reporting requirements under the Dodd Frank reform act.
Soros will return money to investors by the end of the year, Bloomberg reported Tuesday, citing two people briefed on the matter. Soros Fund Management will focus on managing assets for his family, according to a letter to the firm’s investors. Soros will turn 81 on August 12.
… The reason? Under new requirements from the Dodd Frank act, hedge funds are required to register with the Securities and Exchange Commission by March 2012 if the fund continues to manage more than $150 million in assets for outside investors. The new requirements would call for funds to report information about the assets they manage, potential conflicts of interest, and information on investors and employees. The act allows an exemption for what the Commission considers “family office” advisers.
Love that lede paragraph. I wonder how many social justice liberals know that Soros made his first billion by raping the English financial system and effectively wiping out the retirement savings of thousands upon thousands of Britons?
I also wonder what Soros wants to keep hidden — potential conflicts of interest perhaps, or maybe millions or billions in hidden assets that the folks down at Internal Revenue would be most interested in discovering? Anyway, poor George has simply decided to pack up his toys and go home. Because unlike you and I and millions of other working Americans and small business owners who don’t have billion-dollar investment portfolios, the super rich have traditionally been able to pick and choose what money they get to pay taxes on.
Remember this story the next time MediaMatters or another one of Soros’ sock puppets whines about how “millionaires” in this country are so severely undertaxed.